B2B procurement marketplace ProcMart has secured $30 million in Series B funding, led by Fundamentum and Edelweiss Discovery Fund. South Korea-based Paramark Ventures also participated in the round.
Previously, in November 2022, the startup raised $10 million in its Series A round, with Sixth Sense Ventures as the lead investor. Other existing investors include IndiaMART.
ProcMart intends to deploy the capital for strategic acquisitions, expand its distribution network in India, and fortify its international presence in Southeast Asia, according to a company press release.
Based in Noida and established in 2015 by Anish Popli, ProcMart offers supply chain solutions and infrastructure to businesses. Its services include purchase order management, contract administration, master data management, e-catalogue management, and market intelligence.
ProcMart’s clientele comprises notable companies such as Colgate, Mondelez, Harman, and Vedanta. With 13 offices in India and one in Malaysia, the company ventured into white-label services in 2022, specifically targeting the construction equipment sector.
Presently operating in 20 Indian cities and internationally in Malaysia and Indonesia, ProcMart aims to leverage AI and machine learning over the next 12 months to scale operations and enhance efficiency through AI-driven inventory procurement and management recommendations.
The company recently announced a strategic partnership with local vendors in the biomass briquettes and pellets manufacturing sector.
ProcMart asserts robust growth of 100% year-on-year and profitability over the past three years. In FY23, it reported revenue of Rs 206 crore and a profit of Rs 1.68 crore, as per data from startup intelligence platform TheKredible. FY24 figures are yet to be disclosed.
