NowPurchase Completes First ESOP Buyback
- ByStartupStory | November 23, 2024
SaaS-enabled marketplace NowPurchase, catering to metal manufacturers, has successfully executed its first Employee Stock Option Plan (ESOP) buyback, reinforcing its commitment to employee empowerment and ownership.
Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase has made significant strides in the metal manufacturing ecosystem. Earlier this year, in September 2024, the company raised $6 million in an equity and debt funding round led by Info Edge Ventures. This followed its $2.4 million seed round in January 2022, also led by Orios Venture Partners and InfoEdge Ventures.
NowPurchase operates a vertically integrated platform to revolutionize the metal manufacturing process. Its proprietary MetalCloud platform serves as an operating system for metal production, ensuring enhanced transparency and efficiency in the melting and manufacturing processes. The company also provides real-time price discovery through a WhatsApp bot, on-ground service and quality assurance teams, and a SaaS solution to optimize production workflows.
Serving over 250 factories, including industry leaders like Titagarh Rail Systems Limited and Brakes India, NowPurchase plays a critical role in transforming the metal supply chain. Its services include raw material procurement via scrap recycling services and the MetalCloud platform, which supports manufacturers by streamlining operations and improving cost efficiency.
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