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ProcMart Secures $30M in Series B Funding, Eyes Expansion in Supply Chain Solutions



ProcMart, a B2B procurement marketplace, has successfully raised $30 million in a Series B funding round. The funding was led by Fundamentum and Edelweiss Discovery Fund, with participation from South Korea-based Paramark Ventures.

This funding round follows a $10 million Series A round in November 2022, led by Sixth Sense Ventures, along with existing investor IndiaMART.

The Noida-based company plans to utilize the capital to explore strategic acquisitions, expand its distribution network in India, and strengthen its international operations in Southeast Asia, as stated in a press release.

ProcMart also aims to diversify its client portfolio beyond MRO (maintenance, repair, and operations) consumables, targeting new industries such as biofuel and packaging.

Founded in 2015 by Anish Popli, ProcMart offers supply chain solutions and infrastructure services to businesses. These services include purchase order management, contract administration, master data management, e-catalogue management, and market intelligence.

ProcMart's clientele includes well-known companies such as Colgate, Mondelez, Harman, and Vedanta. With 13 offices in India and one in Malaysia, the company expanded its services in 2022 to provide white-label construction equipment.

Currently operating in 20 Indian cities and internationally in Malaysia and Indonesia, ProcMart plans to leverage AI and machine learning in the next 12 months to scale its operations. It aims to provide AI-powered recommendations for inventory procurement and management to enhance overall efficiency.

The company recently announced a strategic collaboration with local vendors in the biomass briquettes and pellets manufacturing sector.

ProcMart claims to have achieved 100% year-on-year growth and profitability over the last three years. In FY23, it reported revenue of Rs 206 crore with a profit of Rs 1.68 crore. The company is yet to disclose its FY24 financial numbers.

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