ProcMart, an online B2B marketplace specialising in supply chain solutions, has raised $30 million in Series B funding 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. DC Advisory was the financial advisor for the fundraiser.
ProcMart aims to use the funds to actively explore strategic acquisitions to augment its market leadership and enhance client offerings. The strategic acquisitions will enable ProcMart to further optimise backward integration of the supply chain for businesses as well as expand its contract manufacturing capabilities.
The company is also set to enter newer industries beyond MRO consumables, such as biofuel and packaging, expand its distribution network in India, and strengthen its 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.
Anish Popli, CEO and Founder, ProcMart, said, “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.”
Sachin Jain, Chief Financial Officer and Chief Strategy Officer, ProcMart, said, “Our shift towards a phygital model merges our digital expertise with tailored physical engagements, ensuring exceptional customer engagement and satisfaction. Venturing beyond our core MRO consumables into the biofuel and packaging sectors reflects our commitment to sustainability and the anticipation of future market needs. Our series B fundraise will be instrumental for us in building the capabilities to fuel our growth plans.”
Founded in 2015 by Anish Popli, a first-generation entrepreneur and an alumnus of IIM Lucknow, ProcMart enables large enterprises to connect with numerous vendors for their indirect purchases through its easy-to-use interface. ProcMart’s tech platform offers comprehensive and end-to-end solutions for indirect sourcing requirements, right from vendor consolidation, inventory management, digital procurement, expense tracking, and logistics management.
The company currently has a presence across 20 cities in India and international operations in Malaysia and Indonesia. In the next 12 months, ProcMart plans to leverage AI and machine learning to scale its operations and build AI-powered recommendations for inventory procurement and management to improve overall efficiency.
