The raw materials B2B marketplace ProcureYard has raised $1.72 million in a seed round led by Powerhouse Ventures. Java Capital, 2am VC, and prominent angel investors Abhishek Goyal, co-founder of Tracxn, and Rajesh Sawhney, founder of GSF, also participated in the round.
The money raised will go toward managing working capital and developing new products. ProcureYard intends to replicate its conversational AI platform, which it has developed specifically for metals, to other raw materials. With its supply chain solutions, the company hopes to become more visible in the market.
Anshu Kandhari, Pankaj Bisht, Somdutt Parashar, and Tushar Agarwal founded ProcureYard in 2023. The company provides a range of services, such as the buying and selling of building supplies, the liquidation of excess inventory, customization, finance options, logistics management, and vertical artificial intelligence (AI) solutions for supply chain optimization and customer relationship management.
ProcureYard, which has operations in 20 states, says it has established a network of more than 200 suppliers that provide services to more than 200 SMEs in India.
In addition, the company says it has turned a profit and grown six times, reaching a significant milestone of Rs 300 crore in ARR (annualized revenue run rate). An ARR of Rs 3,000 crore is the company’s target within the next 12 to 18 months.
A multilingual voice agent that can comprehend customer inquiries and connect them with the appropriate suppliers has also been introduced by the company.
