B2B Procurement Marketplace ProcMart Raises USD 30 Mn in Series B Led by Fundamentum and Edelweiss Discovery Fund The Noida-based platform plans to use the newly raised capital to explore strategic acquisitions, expand its distribution network in India, and strengthen its international operations in Southeast Asia.
By Entrepreneur Staff •
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ProcMart, a B2B marketplace specialising in supply chain solutions, has announced the raising of USD 30 million (INR 250 crore) in Series B led by Fundamentum and Edelweiss Discovery Fund. The round also saw participation from South Korea-based Paramark Ventures. DC Advisory was the financial advisor for the fundraise.
It had previously secured USD 10 million in November 2022 during its Series A round, which was led by Sixth Sense Ventures. IndiaMART is one of its existing investors.
According to the official release, the raised capital will be deployed towards talent acquisition, technology, and building footprints in newer regions in India and globally. It also plans to expand its client portfolio beyond MRO (maintenance, repair, and overhaul) consumables, targeting newer industries such as biofuel and packaging.
Anish Popli, CEO and Founder, ProcMart, said, "We are pleased to join forces with our new investors in our vision to provide a digital ecosystem for indirect procurements. With the rise of centralised procurement and a shift towards optimising non-core expenditures, the Indian MRO industry is on the brink of a significant transformation."
Sachin Jain, Chief Financial Officer and Chief Strategy Officer, ProcMart, added, "Venturing beyond our core MRO consumables into the BioFuel and Packaging sectors reflects our commitment to sustainability and the anticipation of future market needs. Our Series B fundraise will be instrumental for us in building the capabilities to fuel our growth plans."
Founded in 2015 by IIM alumnus Anish Popli, ProcMart helps major organisations to interact with vendors for their indirect purchases through its tech platform interface, enabling a number of tasks such as inventory control, digital procurement, expense tracking, logistics management, and vendor consolidation.
It currently has a presence across 20 cities in India and international operations in Malaysia and Indonesia. In the next 12 months, the platform plans to leverage AI and machine learning to scale its operations and build AI-powered recommendations for inventory procurement and management to improve overall efficiency.
Prateek Jain, Principal, Fundamentum, said, "As a fund, we are typically attracted to B2B platforms that can enable large enterprises to outsource and digitise non-core yet critical functions of their businesses."
