Bengaluru: Noida-based business-to-business market ProcMart has raised $30 million in a Sequence B spherical led by Fundamentum Partnership, a enterprise capital agency co-founded by Nandan Nilekani and Sanjeev Aggarwal, together with Edelweiss Discovery Fund. South Korea-based Paramark Ventures additionally participated within the spherical.
The corporate counts Sixth Sense Ventures and IndiaMART’s chief government, Dinesh Agarwal, as current traders.
The funding will assist ProcMart pursue its inorganic development initiatives, in addition to broaden its distribution community throughout India and in Southeast Asia.
Since 2023, the corporate has been planning to broaden its presence in biofuel, packaging and security provides, and had allotted practically $18 million to fund its merger and acquisition plans. “We’re pushing in the direction of strategic acquisitions (for unbranded provide class), in order that we are able to construct a concrete provide chain, from manufacturing to finish provide, and enhance our gross margins,” founder Anish Popli stated in an interview.
ProcMart, operated by Prompt Procurement Companies Pvt. Ltd, connects patrons and sellers by means of an software, facilitating straightforward procurement of client items, durables, automotive, oil and gasoline, healthcare, and pharmaceutical merchandise.
“We wish to broaden our presence in current worldwide markets reminiscent of Malaysia and Indonesia. This 12 months, we need to enter Vietnam additionally,” Popli added.
ProcMart can even use the funds to broaden its workforce, improve its expertise platform and broaden its footprint in new markets in India. The B2B startup is benefiting from the strong digitization development in manufacturing in India, pushed by the China-plus-one technique and governmental coverage initiatives.
“We expect this could possibly be an awesome place to construct a verticalized class,” Prateek Jain, principal, Fundamentum, stated. “Within the MRO area, provided that it is a longtail class–with very massive quantity SKUs–the aggregation pay could possibly be very, very worthwhile. One of many key issues we had been chasing is the digitisation of B2B companies in India specializing in massive enterprises.
That is Fundamentum’s third funding from its second fund, after Kuku FM and Wishlink.
ProcMart was established in 2015 by Popli, Pratik Potnis and Saheel Joshi. Final November, it had raised $10 million in a Sequence A spherical from Sixth Sense Ventures. The corporate had doubled its income to just about ₹208 crore in FY23, and in FY24, it posted threefold development, producing practically ₹625 crore in income, he added.
The corporate is targetting ₹1,000 crore in FY25. Additionally it is planning to broaden to extra markets in Southeast Asia and Africa, and is seeking to go public inside 4 years.
“We’re excited in regards to the prospects of deepening current classes, clients and geographies, and additional enlargement throughout these vectors,” stated Ashish Agarwal, managing associate, Edelweiss Discovery Fund. “(We) again mid-stage firms who’re class leaders and scaling profitably. ProcMart is a superb match for our fund.”
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Printed: 16 Apr 2024, 06:30 AM IST
Supply: Live Mint