ProcMart, the largest B2B marketplace in India, has raised $10 million in a series A fundraising round that was spearheaded by Sixth Sense Ventures. Sequitur Advocates offered ProcMart with legal advice while taking into account the company’s expansion strategy in order to secure these funds.
The most recent round of money will be used to improve technology and warehouse capabilities, vendor collaborations, and international expansion, as per reported by Business World.
ProcMart is a B2B marketplace that Anish Popli founded in 2015. It links buyers and sellers with an intuitive application, allowing buyers to make informed purchases.
Anish Popli, Founder & CEO, ProcMart said, “With consistent growth and profitability over the past few years, ProcMart has emerged as a strong player providing an end-to-end digital ecosystem for indirect procurement to leading MNCs and domestic enterprises. This financing will be crucial to increasing our geographic reach, forming effective vendor alliances, and improving our technological and warehousing capabilities. Sixth Sense have a strong track record of partnering with B2B enablers and helping them scale leveraging their ecosystem connect. We are excited to have them partner with us as we embark upon the next leg of growth.”
In a short period of time, it has been able to expand across industry verticals and product categories while establishing commercial relationships with tier-1 global MNCs and domestic companies like Colgate, Mondelez, Harman, Dana, and Vedanta.
Nikhil Vora, Founder & CEO, Sixth Sense Ventures said, “ProcMart aligns well with our thesis of betting on first generation founders, creating disruptive businesses in the high potential MRO category in India. We have seen global players like Grainger & Fastenal achieve tremendous scale and growth, especially in US and Europe. The Indian market is relatively nascent but poised for massive disruption given the strong manufacturing potential and growing focus on organising non-core spends. We see ProcMart as a great opportunity to leverage this disruption in the otherwise unorganised and fragmented MRO industry in India. Super stoked to have Anish and ProcMart on board with this investment.”
ProcMart wants to cut the average transaction turnaround time in the business-to-business market to 24 hours, assisting both buyers and sellers in conducting transactions effectively and efficiently. In order to address the demands of distinct roles and responsibilities in a company, ProcMart has established an ecosystem to bring and link all the stakeholders through a single interface.