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B2B metal procurement startup NowPurchase raises $8.6 Mn led by Bajaj Finserv

EntrackrEntrackr · 1h ago
B2B metal procurement startup NowPurchase raises $8.6 Mn led by Bajaj Finserv
Medial

NowPurchase, an AI-enabled B2B platform for metal manufacturers, has raised around $8.6 million (Rs 80 crore) in a funding round led by Bajaj Finserv, with participation from Info Edge Ventures and Orios Venture Partners. The round also saw participation from individual investors and family offices, including Shikhar Raj, Real Ispat Group, Madhur Gupta of Lloyds Group, VC Grid and Kartik Hosanagar. With this, NowPurchase has raised around $18 million in total funding to date. In September 2024, the company had secured $6 million in a mix of equity and debt from Info Edge Ventures. The proceeds will be used to expand its scrap recycling infrastructure, scale its branded product portfolio and strengthen its AI platform, MetalCloud. Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase enables metal manufacturers to procure raw materials such as scrap, alloys and additives through its platform. It also operates a network of scrap processing centres and offers branded products. Its AI platform, MetalCloud, helps manufacturers digitise and optimise production processes using IoT and computer vision. NowPurchase faces direct competition from a limited set of India-focused metal procurement platforms that operate in the same core segment of raw material sourcing for manufacturers. Key rivals include JSW One MSME, OfBusiness and Metalbook.

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

EntrackrEntrackr · 1y ago
NowPurchase raises $6 Mn led by Info Edge Ventures, others
Medial

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.

Agraga raises Rs 100 Cr in pre-Series B led by Bajaj Finserv Group

EntrackrEntrackr · 4m ago
Agraga raises Rs 100 Cr in pre-Series B led by Bajaj Finserv Group
Medial

Agraga raises Rs 100 Cr in pre-Series B led by Bajaj Finserv Group Digital freight forwarder Agraga has raised Rs 100 crore (around $12 million) in its pre-Series B round led by Bajaj Finserv Group, with participation from existing investor IvyCap Ventures and select global angel backers. Agraga had earlier raised Rs 70 crore in its Series A round in May 2023, led by IvyCap Ventures with participation from Alteria. The proceeds will be used to expand its cross-border logistics platform, strengthen its LCL (Less-than-Container Load) vertical, scale automation and visibility tools, and deepen its presence across major export hubs. Founded in 2021, Agraga provides a unified platform that integrates freight booking, customs, warehousing, and embedded financial services. The firm aims to simplify cross-border logistics for MSMEs and mid-market enterprises by offering real-time pricing, tracking, and compliance workflows. Agraga claims to have built its stack around four layers which includes discovery, tracking, execution, and data-driven decision-making. Agraga serves more than 700 customers and 1,000 vendors across 40 global trade lanes. It also partners with financial institutions including ICICI Bank and IDFC First Bank. Its subsidiary Byteport Logistics focuses on channel-partner aggregation for MSME and LCL customers. Bajaj Finserv backs Indian startups through its corporate venture arm, Bajaj Finserv Ventures, and its newer alternative investment subsidiary, with a focus on fintech, healthcare and technology.

Metalbook raises $15 Mn in Series A round

EntrackrEntrackr · 2y ago
Metalbook raises $15 Mn in Series A round
Medial

Metalbook, a platform for the global metals supply chain, has raised $15 million in its Series A funding round led by Rigel Capital, with participation from FJ Labs, as well as existing investors, Axilor Ventures, Foundamental, Stride Ventures, Trifecta Capital, and others. Axilor had led $5 million seed round in Metalbook in August last year. Metalbook is poised to deepen its impact on the manufacturing and infrastructure supply chains, metal sourcing, logistics, and financing solutions for large-scale global projects, the company said in a press release. Founded in 2021, Metalbook helps enterprise & SME customers through their entire metal manufacturing and procurement cycle, including buying, selling, excess inventory liquidation, customization, logistics, financing, e-auctioning, scrap recycling, credit and project management solutions. “..We want to make sure that there is enough of a track record for market investors to look at before we plan for an Initial Public Offer (IPO) in 4-5 years,” said Raghavendra Pratap Singh, co-founder, Metalbook. The Delhi-based startup claims to work with over 500 global metal manufacturers, dealers and suppliers across the value chain and currently caters to more than 1,000 customers. The company works with global steel players such as ArcelorMittal Nippon Steel, Tata Steel, JSW, EU Metals, JSPL et al and several enterprise customers such as DLF, BL Kashyap, Bygging, etc. It recently launched new categories across Copper, Aluminium, and metal scrap and has built out a global footprint of processing centers, and more than 1,000 suppliers across 80 geographies. Metalbook is anticipated to achieve an annualized revenue run rate of $200 million by the end of FY24, a growth of over 15 times in the past two years.

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