B2B procurement marketplace ProcMart raised Rs 25 Cr Pre-Series B funding
In its pre-Series B round, Sixth Sense Ventures India contributed Rs 25 crore ($3 million) to ProcMart, a business-to-business procurement marketplace.
In order to raise Rs 25 crore, the ProcMart board issued 5,933 pre-series B CCPS at an issue price of Rs 42,127 apiece, according to its regulatory filing that was soured from the RoC.
Prior to this, in November 2022, Sixth Sense Ventures led the startup’s $10 million Series A round of funding.
Sixth Sense, whose founder and CEO, Anish Popli, will control 41.76% of the company, is now the largest external stakeholder in ProcMart with a 30% stake, thanks to the recent proceeds.
The media reports that the most recent capital infusion was completed at a valuation of Rs 275 crore.
Established in 2015 by Anish Popli, the IndiaMART-backed startup offers infrastructure and supply chain solutions to companies, encompassing services like contract administration, e-catalogue management, master data management, purchase order management, and market research.
Colgate, Mondelez, Harman, and Vedanta are some of ProcMart’s customers. 13 offices are located in India, and one is in Malaysia. In 2022, the business also started offering construction equipment under a white label.
The Noida-based company recently declared that it has entered into a strategic partnership with regional suppliers in the biomass briquette and pellet manufacturing industry.
In the B2B supply chain market, it is rivaled by Udaan, which is supported by Lightspeed Venture.
