Enlight Metals Raises $1.5M at $10M Valuation from Exar North Group

New Delhi-based metal procurement platform Enlight Metals has raised $1.5 million from US-based investment firm Exar North Group at a valuation of $10 million.

The fresh capital will be used to develop Enlight Metals' Agentic AI-enabled procurement platform, strengthen its technology infrastructure, and expand operations across the metal procurement ecosystem.

AI-powered metal procurement

Enlight Metals combines steel sourcing and distribution with technology to streamline the metal procurement process. The company's AI-led platform is designed to automate and improve several stages of procurement and operations.

According to the company, its platform has reduced end-to-end transaction processing time by 75%, inventory costs by 30%, and operational overhead by 60%.

The platform has also reduced supplier matching time from 5-7 hours to less than three minutes, highlighting the company's focus on using AI to accelerate procurement workflows.

Expansion across India

Enlight Metals currently operates facilities in Pune, Mumbai, and Raipur. Following the latest investment, the company plans to expand into Ahmedabad and Indore while adding new dark stores.

The company will also focus on customer acquisition and geographic expansion as it scales its procurement operations.

Revenue target

Enlight Metals is targeting around Rs 1,200 crore in revenue in the next financial year. The company plans to reach this target through geographic expansion and greater adoption of AI across its procurement and operational processes.

The partnership with Exar North Group is expected to provide Enlight Metals with capital, technology, and operational support as the company develops its Agentic AI capabilities and expands its technology platform.