Enlight Metals Private Limited has secured $1.5 million in funding from US-based investment firm Exar North Group Inc. at a valuation of $10 million, as the metal procurement company looks to deepen its use of Agentic AI and scale operations across India.
This investment will help drive the technology roadmap of Enlight Metals, which includes developing its Agentic AI-enabled procurement platform. Besides, the funds will be utilized to enhance its operational capabilities and increase its footprint within the metal procurement ecosystem.
One of the more striking numbers behind the company’s technology push is the change in supplier matching time. Enlight Metals says the process, which previously took between five and seven hours, has been brought down to under three minutes through its AI-led platform.
The company also reports a 75% reduction in end-to-end transaction processing time, a 30% decline in inventory costs and a 60% reduction in operational overhead.
Enlight Metals targets ₹1,200 crore revenue
With fresh capital coming in, Enlight Metals is aiming for approximately ₹1,200 crore in revenue in the next financial year.
Its expansion strategy includes customer acquisition, entry into new geographies, the addition of dark stores and wider adoption of AI-led operational efficiencies.
Enlight Metals currently operates facilities in Pune, Mumbai and Raipur. Ahmedabad and Indore are next on its expansion map as the company moves into its next phase of growth.
The investment brings together Enlight Metals’ experience in steel sourcing and distribution with Exar North Group’s capital, technology and operational capabilities.
Vedant Goel, Director at Enlight Metals Private Limited, said the partnership would give the business additional resources and technology support while helping it serve customers and accelerate growth.
“This is a proud moment for our company and our team. We have built Enlight Metals on the foundations of hard work, trust and a strong commitment to our customers,” Goel said.
“Our partnership with Exar North gives us the resources and technology support to serve our customers better while accelerating our growth. We are grateful for their belief in our vision and excited about the opportunities ahead.”
Exar North backs technology-led steel procurement
Exar North Group Inc., headquartered in Princeton, New Jersey, focuses on working with growing businesses through capital, technology and operational support.
Jay Joshi, Founder and Chief Executive Officer of Exar North Group, said the investment was driven by Enlight Metals’ business foundation, market knowledge and approach to technology-led procurement.
“We were drawn to Enlight Metals because of the team’s clarity of purpose and the strength of the business they have built,” Joshi said.
“Steel sourcing and distribution is an industry ready for smarter, data-driven procurement, and Vedant and his team have the market knowledge and the drive to lead that change. We are excited to support them through this next phase and look forward to a long and productive partnership.”
Agentic AI remains central to the next phase
Technology will remain at the centre of Enlight Metals’ expansion plans. Following the investment, the company intends to advance its Agentic AI capabilities, strengthen its technology infrastructure and scale business operations.
Enlight Metals describes itself as an Agentic AI-enabled metal procurement platform based in Pune, Maharashtra, combining steel sourcing and distribution expertise with technology-driven procurement capabilities.
The transaction is expected to be completed in the coming weeks.
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