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ProcMart raises Rs 25 Cr in pre-Series B round
Entrackr
·
1y ago
Medial
Business-to-business procurement marketplace ProcMart has raised Rs 25 crore ($3 million) in its pre-Series B round from Sixth Sense Ventures India. The board at ProcMart has issued 5,933 pre-series B CCPS at an issue price of Rs 42,127 each to raise Rs 25 crore, its regulatory filing soured from the RoC shows. Previously, the startup had raised $10 million in its Series A round led by Sixth Sense Ventures in November 2022. Following the fresh proceeds, Sixth Sense became the largest external stakeholder with 30% stake in ProcMart while its founder and chief executive officer Anish Popli will command 41.76% of the company. As per the startup data intelligence platform TheKredible, the latest capital injection has been done at a valuation, which is Rs 275 crore. Founded in 2015 by Anish Popli, the IndiaMART-backed startup 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 Noida-based company recently announced a strategic collaboration with local vendors in the biomass briquettes and pellets manufacturing sector. It competes with Lightspeed Ventures-backed Udaan in the B2B supply chain space.
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Related News
ProcMart Bags $30 Mn To Boost Supply Chain Integration For Businesses
Inc42
·
1y ago
Medial
Noida-based B2B procurement marketplace ProcMart has raised $30 million in a Series B funding round led by Fundamentum Partnership and Edelweiss Discovery Fund. The company plans to use the capital to explore strategic acquisitions, expand its distribution network, strengthen international operations, and enter new industries. ProcMart connects stakeholders in the supply chain, offering comprehensive solutions for indirect sourcing requirements. The startup currently operates in 20 cities in India and in Malaysia and Indonesia. ProcMart had previously raised $10 million in a Series A funding round.
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Decoding ProcMart’s Series B round, captable and valuation
Entrackr
·
1y ago
Medial
B2B procurement marketplace ProcMart Mobility recently announced its $30 million Series B fundraising led by Fundamentum and Edelweiss Discovery Fund. While the Noida-based company did not disclose more details of the round, Entrackr sifted through its regulatory filings to decode the round break-up, captable, and exact valuation. The board at ProcMart has passed a special resolution to allot 33,521 Series B CCPS at an issue price of Rs 73,388.82 each to raise Rs 246 crore or $30 million, its regulatory filing accessed from the Registrar of Companies shows. Fundamentum led the round with Rs 102.5 crore while Edelweiss Discovery Fund and Paramark KB Fund pumped in Rs 86.1 crore and Rs 57.4 crore respectively. As per TheKredible estimates, the company has been valued at around Rs 724 crore or $88 million (post-money). Following the fresh proceeds, Sixth Sense Ventures is the largest external stakeholder with 21.16% followed by IndiaMART which holds 12.85% of the company. Its founder and chief executive officer (CEO) Anish Popli commands a 29.45% stake in the company after the Series B round. Head to TheKredible for the detailed captable. Founded in 2015, ProcMart provides supply chain solutions and infrastructure to businesses including services such as purchase order management, contract administration, master data management, e-catalog management, and market intelligence. 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 gross revenue with Rs 1.68 crore profit. The company is yet to file its financial results for FY24. It directly or indirectly competes with Moglix, Infra.Market, Zetwerk, Ofbusiness, and IndustryBuying.
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B2B marketplace Procmart raises $30 mn in Series B round
VCCircle
·
1y ago
Medial
Indian B2B marketplace ProcMart has raised $30m in a Series B funding round led by Fundamentum Partnership and the Edelweiss Discovery Fund. The Noida-based firm plans to use the capital to pursue its inorganic growth strategy, expand its distribution network in India, and grow its international operations in Southeast Asia. ProcMart connects buyers and sellers through an app and aims to increase its international presence in Malaysia, Indonesia, and Vietnam. The company also plans to allocate part of the funding towards talent acquisition, technology, and expanding its footprint within India.
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B2B procurement marketplace ProcMart raises $30M in a Series B round led by Fundamentum Partnership
IndianStartupNews
·
1y ago
Medial
Indian B2B marketplace ProcMart has secured $30m in a series B funding round led by Fundamentum Partnership and Edelweiss Discovery Fund. The Noida-based start-up will use the cash injection to expand its business operations, exploring strategic acquisitions to integrate supply chains, improving contract manufacturing and enhancing inventory management through AI-driven technology. ProcMart intends to increase its presence in Malaysia and Indonesia and enter new markets in Southeast Asia and potentially Africa, while also expanding its client base to industries such as biofuel and packaging.
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ProcMart raises $30 million in Series B funding
Thehindubusinessline
·
1y ago
Medial
ProcMart, an online B2B marketplace specializing in supply chain solutions, has raised $30 million in Series B funding led by Nandan Nilekani and Sanjeev Aggarwal’s VC fund, Fundamentum Partnership. The funds will be used for strategic acquisitions to enhance ProcMart's market leadership, expand its contract manufacturing capabilities, and optimize the backward integration of the supply chain. The company also plans to enter new industries, strengthen its distribution network, and expand internationally. Founded in 2015, ProcMart offers comprehensive solutions for indirect sourcing requirements.
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Sixth Sense-backed ProcMart doubles revenue; gears up for Series B round, acquisitions
VCCircle
·
2y ago
Medial
Procmart, a procurement solutions startup backed by SixthSense Ventures, has witnessed a doubling of its revenue. The company is now preparing for a Series B funding round and exploring potential acquisitions. Procmart offers a technology platform that enables businesses to streamline and optimize their procurement processes. The revenue growth reflects the success of Procmart's business model and its ability to cater to the evolving needs of the procurement industry.
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ProcMart raises $30 Mn in Series B round led by Fundamentum and Edelweiss
Entrackr
·
1y ago
Medial
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.
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Recykal Raises INR 110 Cr From 360 ONE Asset
Inc42
·
1y ago
Medial
Hyderabad-based waste management startup Recykal has raised INR 110 crore ($13.2 million) in a pre-Series B funding round led by 360 ONE Asset Management. The investment will support Recykal in driving technology innovation and expanding its products and solutions. Recykal provides cloud-based services that enable transparent and traceable material flows in waste management. The funding round also delivered a multi-bagger exit to Recykal's early-stage investors. The company had previously raised $22 million in a round led by Morgan Stanley India in 2022.
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Fashion jewellery brand Kushal’s raises Rs 284 Cr from Lighthouse
Inshorts
·
1y ago
Medial
Kushal's, a fashion and silver jewellery brand, has raised Rs 284 crore in a Series B funding round from the mid-market private equity firm Lighthouse. The capital infusion also includes a secondary transaction, giving a partial exit to Kushal's first institutional investor, India SME Investments, which invested in the brand in 2019.
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ProcMart elevates Sachin Jain to co-founder
Entrackr
·
2m ago
Medial
ProcMart elevates Sachin Jain to co-founder ProcMart, a B2B marketplace for indirect procurement, has appointed Sachin Jain as co-founder. Sachin Jain joined ProcMart in March 2024 as CFO and CSO, playing a key role in business expansion, financial systems enhancement, and sustainability initiatives, including the acquisition of a green packaging facility in Aurangabad. Before joining ProcMart, Sachin Jain served as the CFO at Mahle Anand Filter Systems, where he managed finance, tax, and IT operations. He also held the position of Senior Vice President of Finance at the Anand Group. As co-founder, he will work alongside founder & CEO Anish Popli to drive growth, strengthen customer relationships, and scale operations across supply chain, product development, and finance. Founded in 2015, ProcMart provides supply chain solutions and infrastructure to businesses including services such as purchase order management, contract administration, master data management, e-catalog management, and market intelligence. The company has raised $43 million to date, including a $30 million Series B round led by the Fundamentum Partnership and Edelweiss Discovery Fund. Its existing investors also include IndiaMART. ProcMart’s gross revenue shot up over 200% to Rs 621.5 crore in FY24 when compared to Rs 206.07 crore in FY23. The company remained profitable during FY24.
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