Startup Procol, which develops procurement management software, has secured funding from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital, and Anchorage Capital totaling Rs 51 crore. Existing investors Sequoia Surge, Beenext, and Blume Ventures also took part in the fundraising round.
The angel investors included Kunal Shah (CRED founder), Mars Shot Ventures (Razorpay founders), Deb Deep Sengupta (former SAP India MD), Srinath Ramakkrushnan (Zetwerks Founder), Ashish Dave (Mirae VC), Ankush Grover (Rebel Foods CEO), Aaryaman Vir Shah (Prophetic Ventures), and Ankit Sethi (Fung Investments) also participated in this round.
The funds raised will be utilised to develop and improve Procol’s procurement software and B2B marketplace in order to address India’s procurement issues.
“Going from managing Rs 70 crore to Rs 7000 crore of procurement in two years, our journey at Procol is just getting started. We humbly believe that Indian businesses will grow multifold in the coming decade and our teams at Procol are dedicated to the mission to do so”, Gaurav Baheti, Founder and CEO of Procol, said.
Procol is a procurement software startup that helps industrial organisations digitise their procurement operations. It was founded in 2018 by Gaurav Baheti and Sumit Mendiratta. It aids manufacturing organisations in streamlining their supplier-base SME procurement procedures.
“With a great team and great product, Procol has the solution to solve the long-lasting pain in India’s $500-billion procurement market. It is our honour to be part of the journey,” said Ryu Muramatsu, Director and Founding Partner, GMO VenturePartners.
Procol is built from ground up with the mission to build the world’s most trusted business network – helping businesses collaborate, transact simpler and faster.
Procol is an intelligent and the most user-friendly procurement software ever made. Founded in 2018, Procol’s solutions have been securely deployed at many $1B+ global companies helping procurement teams reduce costs, digitize procurements, improve compliance by replacing emails and excel workflows with the world’s most easy-to-use and secure e-sourcing platform.