Funding Alert

NowPurchase Secures $6 Million in Funding Led by Info Edge Ventures

• ByStartupStory     |    September 20, 2024

NowPurchase, a SaaS-enabled marketplace for metal manufacturers, announced today that it has secured $6 million in funding through a combination of equity and debt. The majority of the funds were raised via equity, with Info Edge Ventures leading the round, according to a company statement.

Other notable investors included Orios Venture Partners, 100 Unicorns, and VC Grid, alongside family offices and angel investors such as Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Warikoo, and Kedar Lele. In addition, Capsave Finance and UC Inclusive contributed to this funding round. With this investment, NowPurchase has raised a total of $10 million to date.

Founded in 2017 by Naman Shah and Aakash Shah, Kolkata-based NowPurchase offers a comprehensive procurement solution for metal manufacturers. The platform allows manufacturers to procure high-quality raw materials such as metal scrap, alloys, and additives in a transparent and trusted manner.

The newly secured funds will be allocated towards several strategic initiatives, including geographic expansion into more industrial clusters across India and the launch of new solutions tailored to the metal manufacturing industry. The company also plans to develop a network of scrap processing centers, private labels, and integrate AI technology along with MetalCloud as the core operating system for metal manufacturing.

Naman Shah, CEO and Co-founder of NowPurchase, said, “The disorganised and fragmented nature of this sector presents a prime opportunity for disruption. We are more confident than ever about this potential and are excited to roll out our solution to metal manufacturers nationwide.”

Kitty Agarwal, Partner at Info Edge Ventures, expressed enthusiasm about the investment, stating, “The fragmentation of the metal sector created a significant opportunity for companies like NowPurchase. Their innovative solutions are leading the charge in addressing the industry’s most critical challenges. With a remarkable record of consistent year-over-year growth and a strong emphasis on effective business controls and metrics, NowPurchase showcases their capability to execute and scale successfully.”

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