Procurement management software startup Procol raises Rs 51 Cr in funding
- ByStartupStory | September 13, 2022
Procol, a procurement management software business, has raised Rs 51 crore in funding from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital, and Anchorage Capital. Existing investors Blume Ventures, Beenext, and Sequoia Surge also participated in the investment round.
Kunal Shah, CRED founder, Mars Shot Ventures, founders of Razorpay, Deb Deep Sengupta, former SAP India MD, Srinath Ramakkrushnan, founder of Zetwerks, Ashish Dave, Mirae VC, Ankush Grover, CEO of Rebel Foods CEO, Aaryaman Vir Shah from Prophetic Ventures, and Ankit Sethi from Fung Investments are among the angel investors who participated in the financing round.
Gaurav Baheti, Founder and CEO of Procol, said, “Going from managing Rs 70 crore to Rs 7000 crore of procurement in two years, our journey at Procol is just getting started. We humbly believe that Indian businesses will grow multifold in the coming decade and our teams at Procol are dedicated to the mission to do so.”
Procol has managed over Rs 7,500 crore in procurement spending with a supplier network of over 25,000. The startup collaborates with around 70 multinational corporations. Dalmia Bharat, Havells, Mrs. Bectors, Emami, Zetwerk, and Tata BigBasket are among its notable clientele.
With the acquired fund, the company plans to develop and improve its procurement software and B2B marketplace to make the experience better.
“With a great team and great product, Procol has the solution to solve the long-lasting pain in India’s $500-billion procurement market. It is our honor to be part of the journey,” said Ryu Muramatsu, Director and Founding Partner, GMO VenturePartners.
About Procol
Procol is a procurement software business that assists industrial companies in digitizing their procurement activities. Gaurav Baheti, ex-Google New York, Zomato, iSPIRT, Forbes Asia 30 under 30, and Sumit Mendiratta, ex-OYO, Zomato, VIT, Forbes Asia 30 under 30, launched the venture in 2018. It helps manufacturing companies streamline their supplier-based SME procurement operations. With sourcing and purchasing workflows, Procol’s solutions attempt to streamline the procurement process. On online and mobile applications, businesses may establish sourcing events, locate and manage providers, and improve supply chain visibility. Procol’s networked ecosystem of prospective customers and SMB sellers seeks to increase transparency and traceability while also delivering cost savings. The Procol program, according to the business, may assist lower procurement expenses by up to 10%.
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