ProcMart Raises INR 25 Crore in Pre-Series B Funding Round

• ByStartupStory     |    March 22, 2024

ProcMart, a leading business-to-business procurement marketplace, has successfully secured INR 25 crore ($3 million) in its pre-Series B funding round from Sixth Sense Ventures India. The investment marks a significant milestone for the company as it continues to strengthen its position in the B2B supply chain space.

According to regulatory filings from the RoC, ProcMart’s board issued 5,933 pre-Series B CCPS at an issue price of INR 42,127 each to raise the funding. This latest round of investment follows the startup’s Series A round of $10 million, led by Sixth Sense Ventures in November 2022.

With this infusion of capital, Sixth Sense Ventures now holds the largest external stake in ProcMart, owning 30% of the company. Founder and CEO Anish Popli retains a significant 41.76% stake in the company, demonstrating his continued commitment to ProcMart’s vision and growth.

Commenting on the funding, Anish Popli said, “We are delighted to have Sixth Sense Ventures on board once again as we embark on the next phase of ProcMart’s journey. This investment will enable us to further expand our offerings and strengthen our presence in the market.”

The latest funding round values ProcMart at INR 275 crore, according to startup data intelligence platform TheKredible.

Established in 2015 by Anish Popli, ProcMart, backed by IndiaMART, offers comprehensive supply chain solutions and infrastructure to businesses. Its services include purchase order management, contract administration, master data management, e-catalogue management, and market intelligence.

ProcMart boasts an impressive clientele, including industry giants such as Colgate, Mondelez, Harman, and Vedanta. With 13 offices across India and one in Malaysia, the company has established itself as a key player in the B2B procurement space.

In addition to its core offerings, ProcMart expanded its portfolio in 2022 with the launch of a white-label solution for construction equipment, further diversifying its revenue streams and catering to the evolving needs of its customers.

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