AI-powered B2B metal procurement startup NowPurchase has raised about US$9.6 million (INR 80 crore) in a new funding round. The round was led by Bajaj Finserv, with participation from existing investors like InfoEdge Ventures, Orios Venture Partners, and Real Ispat Group, along with individual investors and family offices such as Shikhar Raj and Madhur Gupta.
The company plans to use this funding to strengthen its core business, including scrap recycling, expand its branded product offerings, and further develop its AI-powered platform, MetalCloud.
“With the last raise, we doubled down on Maharashtra, where we opened up a scrap recycling unit near Pune. We also started micro-centres in Punjab, Gujarat and Tamil Nadu back then. Post the current round, we are planning expansion in Tamil Nadu, given that it has emerged as the most promising market for us. We are setting up our own scrap processing centre, as well as setting up end-to-end marketplace operations,” founder and CEO Naman said.
Currently, NowPurchase operates six warehouses and two scrap processing centers. “We are looking to set up two more in Jharkhand and Tamil Nadu in the next three to six months,” he added.
NowPurchase was founded in 2017 by Naman Shah and Aakash Shah. It runs an online marketplace where manufacturers can easily buy raw materials like metal scrap, carbon additives, and ferro alloys.
Its SaaS platform, MetalCloud, uses AI to help factories improve their metal melting process. It provides smart suggestions, live heat data on WhatsApp, tips to adjust materials, and a dashboard to track raw material prices.
Along with this, the company also runs scrap processing centres to help recycle metal waste. So far, it has delivered over 1.95 lakh tonnes of materials to 200+ clients and has raised around ₹120 crore in total funding.
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