News Post

NowPurchase raises $6 Mn led by Info Edge Ventures, others

Entrackr · 1m

NowPurchase, a SaaS-enabled marketplace for metal manufacturers, has raised $6 million in equity and debt round led by Info Edge Ventures. Orios Ventures Partners, 100 Unicorns, VC Grid, as well as family offices and angel investors such as Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Warikoo, and Kedar Lele, Capsave Finance and UC Inclusive also participated in the round. Post this round, the total funds raised by the startup to date stands at $10 million. The proceeds will be used for expansion and rolling out new solutions to better serve the metal manufacturing industry, NowPurchase said in a press release. Additionally, the new funds will support the creation of a network of scrap processing centers, the development of private labels, and the integration of AI and MetalCloud as the foundational operating system for metal manufacturing. Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase procures raw materials through its scrap recycling services and metal cloud platform to benefit metal manufacturers. It also provides its users with a WhatsApp bot to discover prices and stock in real time, a team to provide on-ground service and quality assurance, and a proprietary SaaS platform to optimise their manufacturing process. The company’s proprietary platform, MetalCloud, acts as an operating system that enhances transparency and efficiency in metal production and melting processes. It serves over 250 factories across the metal supply chain, including major corporations like Titagarh Rail Systems Limited, Brakes India and many more.