A Series A round of fundraising headed by Sixth Sense Ventures garnered $10 million for ProcMart, a Noida-based B2B procurement marketplace. The business said in a statement that the additional funding will be put to use in the upcoming months for worldwide development into Vietnam, Australia, and Dubai, as well as for developing vendor partnerships and enhancing its technology and warehouse capabilities. In the following three years, ProcMart plans to reach the Rs 1,000 crore revenue milestone.
The change occurs just days after Tradezeal Online, an IndiaMART subsidiary, agreed to sell shares of ProcMart to Sixth Sense Ventures for Rs 13.62 crore.
Anish Popli, founder and CEO of ProcMart, said that “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,”.”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 startup, which is supported by IndiaMART, offers supply chain infrastructure and solutions to enterprises, including market intelligence, contract administration, master data management, purchase order management, and master data management. It contends with Udaan, a B2B supply chain company sponsored by Lightspeed Ventures. The companies Colgate, Mondelez, Harman, and Vedanta are clients of ProcMart. It has one office in Malaysia and 13 offices in India. By the end of 2022, the company wants to introduce white-label products, and then it will start selling construction equipment.