NowPurchase raised $6 M debt and equity funding from Info Edge Ventures, others
With the help of Info Edge Ventures, NowPurchase, a SaaS-enabled marketplace for metal manufacturers, has raised $6 million in a debt and equity round.
In addition to family offices and angel investors like Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Warikoo, and Kedar Lele, Capsave Finance, and UC Inclusive, the round was also attended by Orios Ventures Partners, 100 Unicorns, VC Grid, and others.
Ten million dollars have been raised by the startup overall as of this round. According to a press release from NowPurchase, the money raised will be utilized for growth and the introduction of innovative solutions to better assist the metal manufacturing sector.
The establishment of a network of scrap processing facilities, the creation of private labels, and the incorporation of AI and MetalCloud as the primary operating system for the metal manufacturing industry will all be facilitated by the additional funding.
NowPurchase, which was founded in 2017 by Naman and Aakash Shah, helps metal manufacturers by obtaining raw materials through its scrap recycling services and metal cloud platform.
In addition, it offers its users a team for on-site service and quality assurance, a proprietary SaaS platform to streamline their manufacturing process, and a WhatsApp bot to find prices and stock in real time.
MetalCloud, the company’s exclusive platform, functions as an operating system to improve efficiency and transparency in the melting and production of metals. It provides services to more than 250 factories in the metal supply chain, including big businesses like Brakes India and Titagarh Rail Systems Limited.
