A fresh round of investment for Procol, an Indian procurement platform, has brought in 510 million rupees (about US $6.4 million) from GMO Venture Partners, Blume Ventures, Beenext, and Sequoia’s Surge, among other investors.
Procol, a B2B platform that was established in 2018, aids businesses in a stock acquisition. Supplier management, contract management, and price auctions are just a few of the services it offers.
On Procol’s platform, which has so far facilitated transactions worth over 75 billion rupees (or around US $947.5 million), there are more than 70 businesses and 25,000 suppliers. Its users include well-known companies like BigBasket, Dalmia Bharat, and Zetwerk.
In order to create new products, Procol intends to employ the additional money. Gaurav Baheti, a former product designer for TableHero, and Sumit Mendiratta, a former developer for Oyo, founded it.