NowPurchase, a SaaS-powered marketplace for metal manufacturers, has secured $6 million in a combination of equity and debt financing. Info Edge Ventures is the primary investor in the round.
The funds that have been recently raised will be used to support critical growth initiatives, including the expansion of manufacturing centers throughout India and the development of new solutions for the metal industry.
Family offices and angel investors, including Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Warikoo, and Kedar Lele, as well as Orios Venture Partners, 100 Unicorns, and VC Grid, also participated in the round.
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Furthermore, this round was also supported by partners such as UC Inclusive and Capsave Finance, resulting in a total of $10 million in funding raised to date.
Naman Shah, Founder and CEO, NowPurchase, said: “The disorganized and fragmented nature of this sector presents a prime opportunity for disruption. We are more confident than ever about this potential and are excited to roll out our solution to metal manufacturers nationwide. With 2x year-over-year growth over the past three years, we have demonstrated the strength of our business model and the vast market potential,”
About NowPurchase
Founded in 2017 by Naman Shah, NowPurchase is currently focused on the $19B foundry and castings industry. The metal industry forms the backbone of the economy and the fundamental block of the physical world – be it transportation, construction and every machinery.
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