ProcMart, a B2B procurement platform, announced that it had raised $30 million in a Series B fundraising round headed by the Edelweiss Discovery Fund and Fundamentum Partnership, both sponsored by Nandan Nilekani.
Additionally, Paramark Ventures, a South Korean company, participated in the financing. Sense Ventures and IndiaMART are two of the company’s current investors.
The company was created in 2015 and intends to use the freshly generated funds to develop its international operations in Southeast Asia, hire talent, and investigate strategic acquisitions. It also hopes to extend its distribution network in India.
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The business intends to pursue emerging markets like packaging and biofuel in addition to MRO consumables in order to broaden its clientele. It currently has clients in the FMCG, auto, pharma, metal, and power industries.
“As a fund, we are typically attracted to B2B platforms that can enable large enterprises to outsource and digitise non-core yet critical functions of their businesses they have been growing 100% Y-o-Y and profitable over the last 3 years,” Prateek Jain, Principal, Fundamentum, said.
ProcMart’s technology platform provides complete end-to-end solutions for all indirect sourcing needs, including digital procurement, inventory management, expenditure tracking, vendor consolidation, and transportation.
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The company presently operates in Malaysia and Indonesia and is present in 20 Indian cities. ProcMart intends to use AI and machine learning in the upcoming year to grow its business and provide AI-powered suggestions for inventory management and procurement to boost productivity.
Fundamentum makes investments in Indian entrepreneurs in the early growth (scale-up) stage. Its portfolio firms include Ayu Health, PharmEasy, Kuku FM, and Spinny.
The Edelweiss Discovery Fund Series-I, a component of the Edelweiss Alternatives platform that specializes in investing in mid-stage Indian companies, was led by Edelweiss in this funding round. The fund made a $25 million investment in Rentomojo’s ongoing Series D and Series D1 fundraising rounds in February.
About ProcMart
Procmart is a business-to-business marketplace that facilitates efficient procurement by linking buyers and vendors via a user-friendly application. Procmart wants to help buyers and sellers complete transactions more quickly and effectively by cutting the average turnaround time for B2B transactions to 24 hours.
