B2B marketplace ProcMart raises $10M in Series A round
The Noida-based company aims to hit the Rs 1,000 crore-revenue mark in the next three years.
, a Noida-based B2B procurement marketplace, has raised $10 million in a Series A round of funding led by .
In a statement, the startup said that the fresh capital will be used for international expansion to Vietnam, Australia, and Dubai in the coming months, as well as for strengthening vendor partnerships and upgrading its technological and warehousing capabilities. ProcMart aims to hit the Rs 1,000 crore-revenue mark in the next three years.
The development comes just days after Tradezeal Online, a wholly owned subsidiary of IndiaMART, agreed to sell shares of ProcMart worth Rs 13.62 crore to Sixth Sense Ventures.
"With consistent growth and profitability over the past few years, ProcMart has emerged as a strong player providing an end-to-end digital ecosystem for indirect procurement to leading MNCs and domestic enterprises. This financing will be crucial to increasing our geographic reach, forming effective vendor alliances, and improving our technological and warehousing capabilities," said Anish Popli, Founder and CEO of ProcMart.
"Sixth Sense Ventures has a strong track record of partnering with B2B enablers and helping them scale leveraging their ecosystem connect. We are excited to have them partner with us as we embark upon the next leg of growth," he added.
The IndiaMART-backed startup provides supply chain solutions and infrastructure to businesses including services such as purchase order management, contract administration, master data management, e-catalogue management and market intelligence. It competes with Lightspeed Ventures-backedin the B2B supply chain space.
ProcMart's clients include Colgate, Mondelez, Harman, and Vedanta. It has 13 offices in India and one in Malaysia. The company aims to launch white-label items by the end of 2022 and provide construction equipment thereafter.
Edited by Saheli Sen Gupta