[Funding alert] Procurement startup Prodo raises Rs 3 Cr in pre-seed round led by Titan Capital, LetsVenture
The six-month-old startup will use the funding to strengthen its team, technology, and scale its operations.
Wednesday November 10, 2021,
2 min Read
, a B2B ecommerce platform that provides manufacturing of consumables, has closed its pre-seed funding of Rs 3 crore led by LetsVenture and Titan Capital.
The round also saw participation from marquee angels such as Abhinav Sinha, Global COO,; Nimesh Kampani, Co-founder and CEO, ; Gaurav Ajmera, CBO, ; Prasun Choudhary, President, OYO International; Saurabh Aggarwal, Co-founder, Fitso by ; Abdul Pravengal, Ex-CBO - Shipper; Saurabh Srivastava, CMO & CGO, Housr, and others.
Founded by Sameen Husain and Abhiroop Srivastava in May 2021, Prodo is a one-stop B2B ecommerce platform that provides manufacturing of made-to-order and white-labelled consumables.
Sameen, Founder & CEO of Prodo, said,
“Lack of technology and transparency is one of the biggest problems faced by corporate purchase teams. While in the consumer space we are buying everything online, 70 percent of B2B purchases still remain offline and have not evolved with the changing profile of the new age purchase managers.
Today, 73 percent purchase managers are millennials who are looking for a tech-led bulk buying experience. Prodo’s goal is to make indirect procurement a B2C-inspired, one-touch experience by automating multiple touchpoints in the supply chain journey from sampling to QC.”
Commenting on the investment, Bipin Shah, Partner, Titan Capital, said,
“The Indian manufacturing sector has the potential to surpass $1 trillion by 2025. We feel unique business models like Prodo, which is on the mission to digitise manufacturing for indirect procurement through ecommerce, will be drivers of this growth. Prodo, in a short stint of time, has successfully onboarded long-term B2B clients which is a clear indicator of its product-market-fit.”
Nimesh Kampani, Co-founder and CEO, trica (a LetsVenture company), said, “eProcurement platforms help improve efficiency enabling corporates to gain greater control over spending across the organisation; and startups such as Prodo are bridging the divide between buyers and manufacturers to provide an efficiency-driven procurement. Prodo has had great traction so far and the team is now ready to scale up its product offerings for the B2B segment.”
Edited by Megha Reddy