ProcMart gains $30 Million in Series B round led by Fundamentum and Edelweiss
Fundamentum and Edelweiss Discovery Fund led a $30 million Series B investment round for B2B procurement portal ProcMart. Paramark Ventures, based in South Korea, also participated in the financing.
ProcMart gains $30 Million in Series B round led by Fundamentum and Edelweiss
The startup had previously secured $10 million in November 2022 during its Series A round, which was led by Sixth Sense Ventures. IndiaMART is also one of its investors.
ProcMart gains $30 Million in Series B round led by Fundamentum and Edelweiss
According to a press release from the firm, ProcMart intends to use the funds to investigate potential acquisitions, develop its global operations in Southeast Asia, and widen its distribution network in India.
The Noida-based firm also intends to target emerging markets like packaging and biofuel in addition to broadening its customer base beyond MRO (maintenance, repair, and operations) consumables.
ProcMart gains $30 Million in Series B round led by Fundamentum and Edelweiss
ProcMart, founded in 2015 by Anish Popli, offers infrastructure and supply chain solutions to companies. Services include master data management, e-catalogue management, purchase order management, contract administration, and market research.
As far as ProcMart’s clients base is concerned then it includes names like Colgate, Mondelez, Harman, and Vedanta. It has 13 offices in India and one in Malaysia. The company also launched white-label in 2022 to provide construction equipment.
ProcMart gains $30 Million in Series B round led by Fundamentum and Edelweiss
Presently, the organization operates internationally in Malaysia and Indonesia and is present in 20 Indian cities. It intends to use AI and machine learning in the upcoming year to grow its business and develop AI-powered inventory management and procurement advice to boost productivity.
The company just revealed a strategic partnership with regional suppliers in the biomass pellet and briquette production industry.
ProcMart gains $30 Million in Series B round led by Fundamentum and Edelweiss
Over the last three years, ProcMart claims to have grown 100% year over year and turned profitable. It brought in Rs 206 crore in sales and made Rs 1.68 crore in profit in FY23, as reported by startup data intelligence platform TheKredible. The company has not yet submitted its FY24 financials.
