AI procurement platform ProcureYard raises $1.72M in Seed round led by Powerhouse Ventures
The capital raised will be used for product development and working capital management. ProcureYard plans to leverage its custom-built conversational AI platform which drove success in metals and replicate it to other raw materials.
ProcureYard, a Gurugram and Bengaluru-based B2B commerce platform for raw material has raised a seed round of $1.72 million led by . The round also saw participation from Java Capital, 2am VC, well known angels Abhishek Goyal, Co-founder, Tracxn and Rajesh Sawhney, Founder, GSF.
The capital raised will be used for product development and working capital management. ProcureYard plans to leverage its custom-built conversational AI platform which drove success in metals and replicate it to other raw materials. The company plans to increase its market presence with its supply chain solutions.
The company has achieved a significant milestone, reaching Rs 300 crore in Annualised Revenue Run Rate (ARR) and achieving profitability while experiencing sixfold growth.
Founded in 2023 by Anshu Kandhari, Pankaj Bisht, Somdutt Parashar, and Tushar Agarwal, ProcureYard is a technology-driven platform revolutionising the B2B supply chains in the construction industry.
Operating across over 20 states, ProcureYard has built a robust network of over 200 suppliers serving more than 200 SMEs in India. The company aims to touch an ARR of Rs. 3,000 crore in the next 12-18 months.
"Procureyard is redefining the digital transformation of a traditional, fragmented sector with its vertical AI approach. This is a massive industry plagued by supply chain inefficiencies, and the time is ripe for streamlining procurement processes and delivering unparalleled value to SMEs. Their ability to achieve profitability so early in their journey, coupled with their rapid growth, is a clear indicator of their strong execution capabilities and market demand," stated Sri Peddu, General Partner, Powerhouse Ventures.
“At Procureyard, we’re using technology to revolutionise even the most traditional industries. Our AI agents, designed with deep expertise, deliver unparalleled solutions—helping SMEs find the right suppliers, negotiate deals, forecast finances, and extract actionable insights, all without complex tools,” added Anshu Kandhari, Co-founder & CEO, ProcureYard.