Summary
ProcMart, a leading B2B digital marketplace specializing in supply chain solutions, has successfully raised $30 million in a Series B funding round led by Fundamentum Partnership and Edelweiss Discovery Fund, with participation from Paramark Ventures. Founded in 2015, ProcMart aims to streamline indirect purchases for large enterprises through its tech platform, offering services such as vendor consolidation, inventory management, and digital procurement. The funding will support ProcMart’s expansion into new industries, enhancement of supply chain integration, talent acquisition, and technological advancements. With operations across 20 Indian cities and international presence in Malaysia and Indonesia, ProcMart is poised for growth and innovation in the B2B supply chain sector.
ProcMart Raises $30 Million Led by Fundamentum Partnership to Expand Supply Chain Offerings
ProcMart Raises $30 Million Led by Fundamentum Partnership to Expand Supply Chain Offerings ProcMart, a prominent B2B digital marketplace specializing in supply chain solutions, has announced a game-changing achievement with the successful closure of a $30 million Series B funding round. The investment, led by Fundamentum Partnership helmed by Nandan Nilekani and Edelweiss Discovery Fund, with participation from Paramark Ventures, heralds a new era of growth and innovation for ProcMart.
Founded in 2015, ProcMart has emerged as a trailblazer in facilitating seamless connections between large enterprises and vendors for their indirect purchases through its cutting-edge tech platform. With a focus on optimizing non-core expenditures, ProcMart offers a comprehensive suite of functions, including vendor consolidation, inventory management, digital procurement, expense tracking, and logistics management.
The Series B funding is poised to catapult ProcMart to new heights, with strategic initiatives lined up to leverage the investment effectively. Anish Popli, CEO and Founder of ProcMart, expressed his excitement about the partnership with the new investors, affirming, “We are thrilled to collaborate with our new investors in realizing our vision of creating a digital ecosystem for indirect procurements.” Popli highlighted ProcMart’s pivotal role in revolutionizing the Indian MRO industry, emphasizing the platform’s potential to centralize procurement processes and optimize expenditures.
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With sustainability at the forefront of its agenda, ProcMart is set to diversify its offerings beyond MRO consumables into sectors such as biofuel and packaging, aligning with future market demands and sustainability goals. Sachin Jain, CFO of ProcMart, emphasized the company’s commitment to innovation and sustainability, stating, “Venturing into biofuel and packaging sectors underscores our commitment to sustainability and our proactive approach to meeting future market needs.”
Prateek Jain, Principal at Fundamentum, lauded ProcMart’s remarkable growth trajectory and its alignment with Fundamentum’s investment thesis. Jain highlighted ProcMart’s robust year-on-year growth of 100% and sustained profitability over the past three years, affirming the company’s potential to revolutionize B2B platforms and digitize critical functions for large enterprises.
As ProcMart expands its footprint across 20 Indian cities and extends its operations internationally in Malaysia and Indonesia, the Series B funding marks a pivotal milestone in its journey towards reshaping the procurement landscape. With a focus on driving sustainable value for its customers and stakeholders, ProcMart is poised to lead the charge in transforming the B2B supply chain industry through innovation, efficiency, and strategic partnerships.
