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’s $30M Investment Round Drives Forward Momentum in B2B Supply Chain Innovation
ProcMart’s $30M Investment Round Drives Forward Momentum in B2B Supply Chain Innovation ProcMart, a prominent B2B digital marketplace specializing in supply chain solutions, has announced a momentous achievement with the closure of a $30 million Series B funding round. Spearheaded by Fundamentum Partnership, led by Nandan Nilekani, and Edelweiss Discovery Fund, the investment signals a new chapter of growth and innovation for ProcMart. Paramark Ventures from South Korea also joined the funding round, reflecting the global resonance of ProcMart’s vision.
Founded in 2015, ProcMart has emerged as a frontrunner in facilitating seamless connections between large enterprises and vendors for their indirect purchases through its advanced tech platform interface. The platform offers a comprehensive suite of solutions, including vendor consolidation, inventory management, digital procurement, expense tracking, and logistics management. ProcMart’s success lies in its ability to optimize non-core expenditures for businesses while streamlining procurement processes.
The $30 million investment injection will serve as a catalyst for ProcMart’s strategic initiatives, including expansion into new industries, enhancement of supply chain integration, talent acquisition, and technological advancements. Anish Popli, CEO and Founder of ProcMart, expressed excitement about the collaboration with the new investors, emphasizing ProcMart’s commitment to revolutionizing the Indian MRO industry and centralizing procurement processes.
Venturing beyond its core focus on MRO consumables, ProcMart aims to diversify its offerings into sectors such as biofuel and packaging, aligning with its sustainability objectives and anticipation of future market demands. Sachin Jain, CFO of ProcMart, highlighted the company’s dedication to sustainability and innovation, envisioning a future where ProcMart continues to lead the charge towards a more efficient and environmentally conscious supply chain ecosystem.
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Prateek Jain, Principal at Fundamentum, commended ProcMart’s impressive growth trajectory and profitability over the past three years, emphasizing the strategic fit between ProcMart’s mission and Fundamentum’s investment thesis. With operations spanning 20 Indian cities and international footholds in Malaysia and Indonesia, ProcMart is poised to capitalize on the evolving landscape of the B2B supply chain industry.
As ProcMart embarks on its next phase of expansion and innovation, the Series B funding marks a significant milestone in its journey towards transforming the procurement landscape and delivering sustainable value to its clientele and stakeholders alike.
