Procmart gets $30Mn in Series B from Fundamentum, others for its B2B procurement marketplace
Procmart, a B2B marketplace that helps India’s traditional businesses get access to equipments and other supply side solutions online, has announced a fresh $30Mn Series B fundraise. The round was led by Nandan Nilekani and Sanjeev Aggarwal’s VC fund, Fundamentum Partnership, and the Edelweiss Discovery Fund. The round also saw participation from South Korea-based Paramark Ventures. The Company’s existing investors include Sixth Sense Ventures and IndiaMART.
Procmart has so far focused on the Indian MRO (maintenance, repair and operations) Industry and will now look to diversify in other sectors. The company is also aiming at strategic acquisitions along with entering new territories such as Biofuel & packaging, expand its distribution network in India and strengthen international operations in Southeast Asia. The capital raised will also be deployed towards talent acquisition, technology and building footprints in newer regions in India and globally.
Speaking on the fundraise, CEO and Co-founder Anish Popli says, “With the rise of centralised procurement and a shift towards optimising non-core expenditures, the Indian MRO industry is on the brink of a significant transformation. Owing to our established credibility and robust infrastructure, we are well-positioned to capitalise on this market opportunity.”
Founded in 2015, Procmart has gained sizeable traction in the past 9 years or so. The Company has secured relationships with top-tier global MNCs and domestic companies across various product categories and industries such as FMCG, Auto, Pharma, Metal, Power, and others. ProcMart’s tech platform offers comprehensive and end-to end solutions for indirect sourcing requirement right from vendor consolidation, inventory management, digital procurement, expense tracking to logistics management.
The Company currently has presence across 20 cities in India and international operations in Malaysia and Indonesia. It has demonstrated cross-border scalability that is marked by consistent growth and profitability. In the next 12 months, ProcMart plans to leverage AI & Mach
