The Business-to-Business (B2B) marketplace firm ProcMart secured 10 Million US dollars in a series A funding round on Monday, 21st November 2022.
The funding round is led by Sixth Sense Ventures, the country’s first-ever consumer-centric venture fund.
As per press release statements, the company plans to utilize the fund to expand the business at the international level, strengthen vendor partnerships, upgrade technology and warehouse capabilities.
Concerning their latest investment, the CEO of Sixth Sense Ventures stated that ProcMart fits well with their contention of betting on the primordial founders, developing disruptive businesses in the high-potential MRO category in India. CEO Nikhil Vora also added that ProcMart is a great opportunity for them to leverage this disruption in the unorganised and fragmented MRO Industry.
The company gained legal advice from Sequitur Advocates to raise the capital in this funding round, considering the development strategy.
The investment is seen soon after Tradezeal Online, a subsidiary platform of IndiaMart planned to sell the share of ProcMart to Sixth Sense Ventures worth 13.62 Cr INR.
The Delhi-based procurement Company focuses on extending its franchises in Dubai, Australia and Vietnam in a few months and also wishes to reach the revenue mark of 1,000 Cr in the next three years.
The procurement company ProcMart was established in the year 2015 by Anish Popli. The company is business-oriented Maintenance, Repair and Operations (MRO) aggregator with a technology-empowered digital platform.
The company has 13 branches across India while one branch is situated in Malaysia and joins various stakeholders via easy-to-use confluence to meet the demand over various levels of supply chains.
The tech-empowered procurement firm has built a strong client network with global business giants like Colgate, Mondalez, Harman, Vedanta and Dana by providing its services just within a few years of its establishment.
ProcMart also wishes to launch white-label items under the PE category and foresees to expand the services by providing construction instruments by the end of the year 2022.
The services offered by ProcMart
Tail spend management, contract administration, management of e-catalog, category, data purchase order and Key Performance Indicator (KPI).
Photo Credit: Entrackr
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