ProcMart Secures $30 Million in Series B Funding to Expand Operations and Explore Strategic Acquisitions

• ByStartupStory     |    April 16, 2024

ProcMart, an innovative online B2B marketplace specializing in supply chain solutions, has successfully raised $30 million in Series B funding. The funding round was led by Nandan Nilekani and Sanjeev Aggarwal’s venture capital firm, Fundamentum Partnership, along with Edelweiss Discovery Fund. Additional support came from South Korea-based Paramark Ventures, marking a robust vote of confidence from international and domestic investors.

Founded in 2015 by Anish Popli, an alumnus of IIM Lucknow, ProcMart has established itself as a key player in the field by facilitating connections between large enterprises and vendors for indirect purchases. The platform simplifies the procurement process with features such as vendor consolidation, inventory management, digital procurement, expense tracking, and logistics management.

The latest injection of capital will be directed towards several strategic initiatives. Anish Popli, CEO & Founder of ProcMart, shared his vision for the funds, stating, “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. Owing to our established credibility and robust infrastructure, we are well-positioned to capitalise on this market opportunity.” He further emphasized the company’s plans to explore strategic acquisitions to enhance their market leadership and client services.

These strategic acquisitions are aimed at optimizing the backward integration of supply chains for businesses and expanding ProcMart’s contract manufacturing capabilities. The company also plans to broaden its scope by entering new industries such as biofuel and packaging, while also expanding its distribution network across India and strengthening its international operations in Southeast Asia.

The funding will also facilitate talent acquisition and further development of ProcMart’s technological infrastructure, enabling expansion into new regions both in India and globally. This aligns with the company’s strategy to bolster its capabilities and position itself as a leader in the evolving market landscape.

ProcMart’s existing investors, including Sixth Sense Ventures and IndiaMART, have also participated in this round, reinforcing their confidence in ProcMart’s potential and strategic direction. This new phase of growth underscores ProcMart’s commitment to revolutionizing the procurement process and enhancing the efficiency of supply chain operations across industries.

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