Hustler Words – Keychain, a US-based startup revolutionizing the CPG supply chain, just secured a massive $30 million in Series B funding. This injection of capital will fuel the expansion of its already impressive India-based engineering and product development team, propelling growth in the North American market. Headquartered in New York, Keychain operates as a distributed company, strategically leveraging the exceptional talent pool in Gurugram, India. This innovative approach has already yielded remarkable results, with Keychain’s platform connecting eight of the top ten retailers and seven of the top CPG brands with suitable manufacturers.
The decision to center its core engineering operations in Gurugram, India’s second-largest tech hub, is a deliberate strategy. Co-founder and CEO Oisin Hanrahan highlights the "talent, depth, availability, and speed" of accessing highly skilled engineers in India. This strategic move is further underscored by co-founder Umang Dua’s invaluable experience and network in Delhi, significantly contributing to the rapid growth of Keychain’s Gurugram team. The company’s current 70-person global workforce is split almost evenly between India and the US, with the India-based team handling the majority of engineering, product design, and analytics.
This model, inspired by their previous experience at Handy (later acquired by Angi), contrasts with the challenges they faced building a sustainable engineering team solely within the US. Hanrahan emphasizes the need for a "core, sustainable engineering organization" capable of scaling rapidly, possessing deep talent pools and AI expertise. India, he explains, perfectly meets these criteria. This approach mirrors that of other successful global companies that leverage India’s robust tech talent for product development and R&D without necessarily having a market presence in the country.
Related Post
Keychain’s innovative platform, launched in February 2024, is already utilized by over 20,000 brands and retailers. But the company isn’t resting on its laurels. It’s actively developing KeychainOS, a groundbreaking AI-powered software suite designed to streamline manufacturers’ product cycles. This ambitious project, with its four planned modules (one already launched, focusing on food safety compliance), aims to disrupt traditional ERP systems by offering a more efficient and integrated solution.
The Series B round, led by Wellington Management and BoxGroup, brings Keychain’s total funding to $68 million, leaving the company with over $50 million in the bank. While Hanrahan refrained from disclosing the current valuation, he confirmed a significant increase from the previous $260 million post-money valuation. With its strategic blend of US market focus and Indian engineering prowess, Keychain is poised for continued success in the rapidly evolving CPG landscape. The company’s future expansion into Europe further solidifies its position as a global leader in connecting brands and manufacturers.
Leave a Comment