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Sixth Sense-backed ProcMart readies roadmap for inorganic growth
VCCircle
·
1y ago
Medial
ProcMart, a B2B marketplace backed by Sixth Sense Ventures and IndiaMART's CEO Dinesh Agarwal, is planning to enhance its inorganic growth strategy. The company, based in Noida, is currently in the process of raising Series B capital and has set aside a portion of that funding for its inorganic growth roadmap. The details and timeline of this expansion plan have not been disclosed yet.
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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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Sixth Sense to raise ₹2,500 cr to cash in on fresh wave of consumer disruption
Livemint
·
1y ago
Medial
Sixth Sense Ventures, an early-stage consumer investment firm in India, is raising $340 million for its fourth fund. The fund aims to support Series A investments, with a focus on disruptive consumer brands. Sixth Sense has previously backed startups like craft beer maker Bira, cookware maker Wonderchef, and luggage maker Uppercase. The firm plans to allocate between INR 50 crore and INR 250 crore per investment, depending on the stage of fundraising. India's consumer market presents significant opportunities for disruptive brands with rising disposable income and evolving consumption patterns.
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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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Sixth Sense Ventures tops up bet on food processing firm
VCCircle
·
1y ago
Medial
Sixth Sense Ventures, a venture capital firm specializing in consumer-focused companies, has increased its investment in a food manufacturing and distribution company. Led by Nikhil Vora, Sixth Sense Ventures has previously supported brands like Bira91 and Giva. The food processing firm in question has attracted investments from both Sixth Sense Ventures and a private equity firm.
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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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How juicy was Sixth Sense Ventures’ latest exit move?
VCCircle
·
12m ago
Medial
Consumer sector-oriented venture capital firm, Sixth Sense Ventures, led by founder Nikhil Vora, has made another exit. The firm has divested nearly a quarter of its stake in a portfolio company, with a goal of maximising returns for its investors. This comes after Sixth Sense Ventures has successfully completed two full exits with significant returns and increased its investment in a food processing firm earlier this year.
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Nikhil Vora's Sixth Sense strikes gold from same company twice
VCCircle
·
1y ago
Medial
Nikhil Vora-led Sixth Sense Ventures has achieved a remarkable feat by fully cashing out of a consumer-focused company four years ago and re-entering it, resulting in one of the highest returns on an Indian investment by a venture capital firm. Now, Sixth Sense has once again sold a significant stake in the same company, reaping substantial profits.
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Consumer fund Sixth Sense invests Rs 100 crore in regional spices brand Pushp
Economic Times
·
1y ago
Medial
Sixth Sense Ventures, a consumer-focussed venture investor, has invested Rs 100 crore in the Indian spices brand Pushp. The investment includes a significant secondary component, with Sixth Sense Ventures acquiring a stake in Pushp from A91 Partners, the company's first institutional investor. Pushp, known for manufacturing spices including chilli, turmeric, and coriander, plans to expand its presence nationwide in the Rs 90,000-crore spices market. The company aims to capitalize on the growing demand for branded spices and regional disruptors in the segment.
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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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WestBridge, Convergent, Sixth Sense Ventures make $75-mn exit move
VCCircle
·
1y ago
Medial
Private equity firms WestBridge Capital and Convergent Finance, along with venture capital firm Sixth Sense Ventures, have made an exit worth $75 million from an undisclosed company. These firms have joined a growing number of alternative investment firms that have been cashing out on publicly listed companies due to rising stock market valuations. WestBridge sold its entire stake in the company, while Convergent Finance and Sixth Sense Ventures also made significant divestments.
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