Procurement management software startup Procol raises Rs 51 Cr funding
Procurement management software startuphas raised Rs 51 crore funding from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital, and Anchorage Capital. The funding round also saw the participation of existing investors Blume Ventures, Beenext, and Sequoia Surge.
The angels who participated are 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).
The capital raised will be used to build and enhance solutions to solve India’s procurement problems through Procol’s procurement software and B2B marketplace.
“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 was founded in 2018 by Gaurav Baheti (ex-Google New York, Zomato, iSPIRT, Forbes Asia 30 under 30) and Sumit Mendiratta (ex-OYO, Zomato, VIT, Forbes Asia 30 under 30).
The core team of Procol has experience in technology, procurement, supply chain, and risk and come from startups and large companies.
Procol’s solutions strive to streamline the procurement process with sourcing and purchasing workflows. Enterprises can create sourcing events, discover and manage vendors, and build visibility in their supply chain on web and mobile apps. Procol’s connected ecosystem of enterprise buyers and SMB sellers aims to improve transparency and traceability and ultimately deliver cost savings. According to the company, the Procol software can help cut procurement costs up to 10%.
With a supplier network of over 25,000, Procol has managed over Rs 7,500 crore of procurement spends. The startup works with over 70 large enterprises. Its marquee clients include Dalmia Bharat, Havells, Mrs Bectors, Emami, Zetwerk, and Tata BigBasket.
Gaurav Baheti, Founder and CEO of Procol, said, “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.”
The market for procurement of goods and services in India is $500 billion.