B2B procurement marketplace ProcMart on Tuesday said it has raised $30 million in a Series B funding round co-led by Nandan Nilekani-backed Fundamentum Partnership and the Edelweiss Discovery Fund.
The round also saw participation from South Korea-based Paramark Ventures. The company’s existing investors include Sixth Sense Ventures and IndiaMART.
With the newly raised funding, the 2015-founded firm plans to explore strategic acquisitions, expand its distribution network in India, strengthen its international operations in Southeast Asia, and acquire talent.
The company also plans to expand its client portfolio beyond MRO consumables targeting newer industries such as biofuel and packaging. Currently, it has clients in sectors including FMCG, auto, pharma, metal, and power.
“As a fund, we are typically attracted to B2B platforms that can enable large enterprises to outsource and digitise non-core yet critical functions of their businesses… they ( ProcMart) have been growing 100% Y-o-Y and profitable over the last 3 years,” Prateek Jain, Principal, Fundamentum, said.
ProcMart’s tech platform offers comprehensive and end-to-end solutions for indirect sourcing requirements from vendor consolidation, inventory management, digital procurement, and expense tracking to logistics management.
The company currently is present across 20 cities in India and has operations in Malaysia and Indonesia. In the next 12 months, ProcMart plans to leverage AI & Machine learning to scale its operations and build AI-powered recommendations for inventory procurement and management to improve overall efficiency.
Fundamentum invests in early growth (scale-up) stage Indian startups. Some of its portfolio companies include Kuku FM, Spinny, PharmEasy, and Ayu Health.
Edelweiss led the funding round through the Edelweiss Discovery Fund Series-I, part of the Edelweiss Alternatives platform that focuses on investing in mid-stage Indian companies. In February, the fund invested in Rentomojo’s $25-million ongoing Series D and Series D1 funding rounds.
