[Funding alert] ProcMart Raises $30 Mn Series B Funding Led by Fundamentum and Edelweiss Discovery Fund

ProcMart, an online B2B marketplace specialising in supply chain solutions, has raised $30 Million (INR 250 crore) in Series B Funding led by Nandan Nilekani and Sanjeev Aggarwal’s VC fund, Fundamentum Partnership, and the Edelweiss Discovery Fund.

The round also saw participation from South Korea-based Paramark Ventures. The Company’s existing investors include Sixth Sense Ventures and IndiaMART. DC Advisory was the financial advisor for the fundraise.

Commenting on the Company’s vision and funding, Anish Popli, CEO & Founder, ProcMart said, “We are pleased to join forces with our new investors, in our vision to provide a digital ecosystem for indirect procurements. With the rise of centralised procurement and a shift towards optimising non-core expenditures, the Indian MRO industry is on the brink of a significant transformation. Owing to our established credibility and robust infrastructure, we are well-positioned to capitalise on this market opportunity.”

Read also – [Funding alert] Logistics Intelligence Platform ClickPost Raises USD 6 Million in Series A round

ProcMart intends to use the funds to aggressively investigate strategic acquisitions in order to strengthen its position as a market leader and improve its clientele. ProcMart will be able to increase its capacity for contract manufacturing and further enhance supply chain backward integration for businesses thanks to these significant acquisitions.

Further commenting on the Company’s growth strategy and capital deployment plans, Sachin Jain, Chief Financial Officer & Chief Strategy Officer, ProcMart said, “Our shift towards a phygital model merges our digital expertise with tailored physical engagements, ensuring exceptional customer engagement and satisfaction. Venturing beyond our core MRO consumables into the BioFuel and Packaging sectors reflects our commitment to sustainability and the anticipation of future market needs. Our series B fundraise will be instrumental for us in building the capabilities to fuel our growth plans.”

In addition, the company plans to foray into more recent sectors outside of MRO consumables, like packaging and biofuel, grow its Indian distribution network, and bolster its global presence in Southeast Asia. The money raised will also go towards hiring new employees, implementing new technologies, and expanding into recently opened areas in India and around the world.

Commenting on their investment in ProcMart, Prateek Jain, Principal, Fundamentum said, “As a fund we are typically attracted to B2B platforms that can enable large enterprises to outsource and digitise non-core yet critical functions of their businesses. ProcMart sits very well with this thesis of ours. Anish and team have demonstrated a proven record of digitising legacy processes for indirect procurement. They have built a robust digital ecosystem for buyers and sellers, brought in ease of operations, quality assurance and significantly reduced tailwind spends for their Fortune 500 clientele. Fundamentum was attracted by the founding team’s tenacious focus on fundamentals, they have been growing 100% Y-o-Y and profitable over the last 3 years, a rarity in the current Indian startup landscape.”

About ProcMart

ProcMart is one of India’s largest online Business to Business (B2B) sourcing partners for Procurement teams and marketplaces that provide supply chain solutions to empower businesses.

About Fundamentum:

Launched in 2017, Fundamentum is one of the first ‘scale-up’ home-grown tech venture funds and a strong believer in the ‘India story’. The fund is led by Indian entrepreneurs-turned-investors – Nandan Nilekani, Sanjeev Aggarwal, Ashish Kumar, Prateek Jain, and Mayank Kachhwaha, who have assisted companies in their scale-up journeys.

About Edelweiss Discovery Fund:

Edelweiss Discovery Fund Series – 1 is a growth capital private equity fund that focuses on investing in mid-stage Indian companies and actively supporting them via strategic inputs, strengthening governance processes and with inorganic expansion.

The fund is part of the Edelweiss Alternatives platform. With a track record of over a decade, the platform has grown to be one of the largest alternatives platforms in India with an AuM of ~USD 6.3 bn (over INR 50,000 cr).

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