Supply Chain Platform Keychain Bags USD 30 Mn Funding from Wellington, BoxGroup, & Lightspeed The startup is primarily concentrated in the US, it also operates an engineering and technology team of about 30 employees in Gurugram, which it plans to double in the coming months.
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New York-based startup Keychain has raised USD 30 million in a fresh funding round led by Wellington Management and BoxGroup, with participation from existing backer Lightspeed, according to ET reports.
The round brings the company's total fundraising to USD 68 million and marks a significant jump in valuation from USD 250 million in January, when it secured USD 5 million.
Founded in 2024, Keychain connects consumer packaged goods (CPG) companies with suppliers of packaging materials and raw inputs. The platform is currently focused on the North American market, particularly the United States, where both its suppliers and clients are based. Its customer base spans food and beverages, health supplements, beauty, and personal care. The company now works with large retailers and brands such as 7-Eleven, Whole Foods, Hershey's, and General Mills.
"The number of packaged products on store shelves in the US has exploded over the last decade. Until recently, many retailers manufactured their own goods, but today almost all of them depend on third-party elements in the supply chain," Dua said. He added that the US CPG market is valued at around USD 1 trillion, with nearly half coming from food and beverages, which remains Keychain's core focus.
Dua explained that traditional brokers have historically controlled access to supply chain information, which inflates costs and leaves manufacturers with fewer choices. Keychain aims to make the process more transparent and efficient, allowing businesses to source directly from suppliers.
Dua and his co-founder, Oisin Hanrahan, previously built the home services platform Handy in 2011, which was acquired by ANGI Homeservices in 2019. Along with their third cofounder, Jordan Weitz, they launched Keychain in 2021 to target inefficiencies in the manufacturing supply chain.
While the startup is primarily concentrated on the US, it also operates an engineering and technology team of about 30 employees in Gurugram, which it plans to double in the coming months. "Over the next few years, we plan to bring a global platform. India is a huge market, and any market where reliable supplier information is hard to access lends itself to a product like ours," Dua said.
The fresh funding will be used to support expansion across industries and geographies, while a significant portion will go toward the development of KeychainOS, its AI-native enterprise resource planning system.
The product is designed to help manufacturers manage purchasing, production, and inventory far faster than conventional ERP platforms. Since launch, Keychain has onboarded about 20,000 brands and retailers and facilitates over USD 1 billion worth of manufacturing projects every month.
