News on Medial

ProcMart raises $30 Mn in Series B round led by Fundamentum and Edelweiss

Entrackr · 7m

B2B procurement marketplace ProcMart has raised $30 million in a Series B funding round led by Fundamentum and Edelweiss Discovery Fund. The round also saw participation from South Korea-based Paramark Ventures. Previously, the startup had raised $10 million in its Series A round led by Sixth Sense Ventures in November 2022. Its existing investors also include IndiaMART. ProcMart plans to utilize the capital to explore strategic acquisitions, expand its distribution network in India and strengthen its international operations in Southeast Asia, the company said in a press release. The Noida-based company also plans to expand its client portfolio beyond MRO (maintenance, repair and operations) consumables targeting newer industries such as biofuel and packaging. Founded in 2015 by Anish Popli, ProcMart provides supply chain solutions and infrastructure to businesses including services such as purchase order management, contract administration, master data management, e-catalogue management and market intelligence. ProcMart’s clients include Colgate, Mondelez, Harman, and Vedanta. It has 13 offices in India and one in Malaysia. The company also launched white-label in 2022 to provide construction equipment. The company currently has presence across 20 cities in India and international operations in Malaysia and Indonesia. In the next 12 months, it plans to leverage AI and machine learning to scale its operations and build AI-powered recommendations of inventory procurement and management to improve overall efficiency. The firm recently announced a strategic collaboration with local vendors in the biomass briquettes and pellets manufacturing sector. ProcMart claims to have been growing 100% Y-o-Y and profitable over the last three years. During FY23, it registered Rs 206 crore in revenue with Rs 1.68 crore profit, according to startup data intelligence platform TheKredible. The firm is yet to file its FY24 numbers.