Fundamentum and Edelweiss Discovery Fund led a $30 million Series B funding round for B2B procurement marketplace ProcMart. Paramark Ventures, based in South Korea, also participated in the round.
The startup had previously raised $10 million in November 2022 during its Series A round, which was led by Sixth Sense Ventures. IndiaMART is one of its current investors.
According to a press release from the company, ProcMart intends to use the funds to investigate strategic acquisitions, develop its global operations in Southeast Asia, and widen its distribution network in India.
Targeting emerging markets like biofuel and packaging, the Noida-based company also intends to broaden the scope of its clientele beyond MRO (maintenance, repair, and operations) consumables.
Anish Popli founded ProcMart in 2015 to offer supply chain solutions and infrastructure to businesses. These services include market intelligence, e-catalogue management, master data management, contract administration, and purchase order management.
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.
With operations abroad in Malaysia and Indonesia, the company is currently present in 20 Indian cities. It intends to scale its operations using AI and machine learning in the next 12 months, and it will develop AI-powered inventory procurement and management recommendations to boost productivity all around.
Recent announcements from the company indicated a strategic partnership with regional suppliers in the biomass pellet and briquette production industry.
According to ProcMart, the last three years have seen 100% year-over-year growth and profitability. The media reports that it made Rs 1.68 crore in profit on Rs 206 crore in revenue during FY23. The company has not submitted its FY24 financials yet.
