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.
Fundamentum Partnership Leads $30M Investment Round in ProcMart for Supply Chain Innovation
Fundamentum Partnership Leads $30M Investment Round in ProcMart for Supply Chain Innovation ProcMart, a prominent B2B digital marketplace specializing in supply chain solutions, has clinched a remarkable achievement with the closure of a $30 million Series B funding round. Led by Fundamentum Partnership, co-founded by Nandan Nilekani, and Edelweiss Discovery Fund, alongside participation from Paramark Ventures, this substantial investment underscores ProcMart’s pivotal role in shaping the future of procurement in India.
Founded in 2015, ProcMart has carved a niche for itself by facilitating seamless connections between large enterprises and vendors for their indirect purchases through a sophisticated tech platform interface. With a focus on centralizing procurement and optimizing non-core expenditures, ProcMart offers a comprehensive suite of functions ranging from vendor consolidation to logistics management.
The Series B funding will provide ProcMart with the necessary resources to embark on strategic initiatives aimed at enhancing supply chain integration, expanding contract manufacturing capabilities, and bolstering talent acquisition. Anish Popli, CEO and Founder of ProcMart, expressed his excitement about the partnership with new investors, emphasizing the transformative potential of ProcMart in revolutionizing the Indian MRO industry.
Venturing beyond its core focus on MRO consumables, ProcMart is gearing up to diversify its offerings into sectors such as biofuel and packaging, reflecting its commitment to sustainability and foresight regarding future market demands. Sachin Jain, CFO of ProcMart, reiterated the company’s dedication to sustainability and innovation, highlighting the expansion into new sectors as a strategic move aligned with market trends.
Also read: PineGap.ai Secures $2.5 Million in Seed Funding to Revolutionize Equity Research
Prateek Jain, Principal at Fundamentum, emphasized the synergy between ProcMart’s mission and Fundamentum’s investment thesis, citing ProcMart’s impressive growth trajectory and profitability over the last three years. With operations spanning 20 Indian cities and international presence in Malaysia and Indonesia, ProcMart is well-poised to capitalize on the evolving needs of the B2B supply chain industry.
As ProcMart embarks on its next phase of growth and innovation, fueled by the Series B funding, the company reaffirms its commitment to transforming the procurement landscape and delivering sustainable value to its customers and stakeholders alike.
