Enlight Metals Secures $1.5 Million at a $10 Million Valuation
The investment will support the company's technology development, AI-led procurement capabilities and expansion across India's metal sourcing and distribution market.
Pune-based metal procurement platform Enlight Metals has secured $1.5 million (around ₹14.3 crore) from US-based investment firm Exar North Group at a valuation of $10 million.
The fresh capital will be used to expand Enlight Metals’ agentic AI-powered procurement platform, strengthen its technology infrastructure and support its geographic expansion. The company is also planning additional dark stores as it builds a distributed fulfilment network for industrial metal buyers.
According to the company, its AI-enabled systems have reduced end-to-end transaction processing time by 75%, while inventory costs have fallen by 30% and operational overheads by 60%. Enlight Metals also claims that supplier identification and matching time has been reduced from around five to seven hours to less than three minutes. These are company-reported performance figures and have not been independently verified.
Enlight Metals is building an AI layer across its procurement and supply-chain operations, with its latest product development moving towards a multi-agent architecture. The platform is designed to coordinate functions including RFQ management, supplier matching, procurement, logistics, pricing, customer interaction, inventory and workflow monitoring.
The company’s approach is to connect these functions rather than use AI as a collection of standalone tools. For example, an industrial enquiry for a particular steel grade can be evaluated against supplier availability, inventory, pricing, procurement schedules and logistics before an order is executed.
Enlight Metals currently has operations in Pune, Mumbai and Raipur, according to the latest funding announcement, while the company has identified Ahmedabad and Indore among the next markets for expansion. It is also adding dark-store infrastructure to bring inventory closer to industrial demand centres.
The dark-store strategy predates the latest fundraise. In October 2025, Enlight Metals announced an ₹80 crore investment to establish 10 AI-powered dark stores across industrial hubs including Aurangabad, Nashik, Ahmedabad, Nagpur, Bengaluru, Indore and Chennai, in addition to its existing presence in Mumbai and Pune. The company said the facilities would function as micro-fulfilment centres using AI-based inventory management and predictive analytics.
By March 2026, the company said it was expanding its supply and distribution network across more than 10 industrial hubs, with plans to build infrastructure closer to manufacturing clusters. At the time, it said it served more than 500 manufacturers and OEMs across sectors including automotive, infrastructure and engineering.
Founded in 2024 by brothers Vedant Goel and Dhananjay Goel, Enlight Metals supplies steel and other industrial metals to manufacturers, OEMs and infrastructure companies. The business was formally incorporated as Enlight Metals Private Limited in December 2024, while Vedant Goel has said he began the business in May 2024.
Its product range includes hot-rolled and cold-rolled steel, galvanized products, structural steel, mild-steel products, pipes, beams, plates, channels and TMT bars, among other industrial materials. The company operates as a metal aggregator and distributor, connecting industrial buyers with suppliers while providing procurement and logistics support.
Enlight Metals has previously reported traction of more than 500 customers across industrial sectors. In January 2026, the company said it had delivered around 75,000 tonnes of metal by the end of the third quarter of FY2025-26 and was targeting 1.25 lakh tonnes for the full financial year. Reported customers have included Tata Motors, Mahindra, Pune Metro and airports in Pune, Udaipur, Ratnagiri and Navi Mumbai. These figures and customer references were reported by the company and its executives.
The company is now targeting approximately ₹1,200 crore in revenue in the next financial year. The target is expected to be driven by new customer acquisition, geographic expansion, additional dark stores and greater use of AI across procurement and operations. The figure is a company projection rather than reported revenue.