Total amount raised
₹1.1 Billion
Latest funding date
3/1/2024
Location
ProcMart has successfully raised funding through five rounds, with notable investors including Edelweiss Financial Services, Sixth Sense Ventures, and Fundamentum. The most recent funding round was a Series B, involving four investors.
ProcMart is a technology-driven B2B marketplace focused on streamlining indirect procurement, operating in over 30 cities in India and expanding into Malaysia and Indonesia. Keep reading to explore the intricacies of ProcMart's fundraising journey and the investors backing this innovative platform.
What Is ProcMart?
ProcMart is a leading B2B marketplace specializing in indirect procurement. Based in Noida, Uttar Pradesh, India, the company operates in over 30 cities across India and is expanding into Malaysia and Indonesia. With a workforce of 101-250 employees, ProcMart focuses on supply chain solutions for inventory optimization and procurement.
Founded to revolutionize procurement for manufacturing excellence, ProcMart offers services including MRO, packaging, biofuel, and project utilities. The company caters to various industries such as FMCG, automotive, chemicals, oil & gas, metals & mining, FMCD, and pharmaceuticals, emphasizing efficiency, cost savings, and seamless operations.
How Much Funding Has ProcMart Raised?
- Angel Round
- Amount Raised: Not publicly disclosed
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial market entry.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: June 2016
- Lead Investors: IndiaMART InterMESH
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's initial offerings and market presence.
- Series A Round
- Amount Raised: $10 million
- Date: November 2022
- Lead Investors: Sixth Sense Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market reach.
- Series B Round
- Amount Raised: $3 million
- Date: March 2024
- Lead Investors: Edelweiss Financial Services, Fundamentum, Sixth Sense Ventures
- Valuation at Round: INR 275 crore
- Motivation Behind the Round: To further expand and enhance supply chain solutions and infrastructure offerings.
Total Amount Raised: $13 million. Current Valuation: INR 275 crore.
Key Investors
- Edelweiss Financial Services
- Details: Edelweiss Financial Services is a diversified financial services company in India. They offer a range of services including asset management, insurance, wealth management, and capital markets.
- Investment Focus Areas: Asset management, insurance, wealth management, capital markets.
- Notable Investments: Not publicly disclosed.
- Fundamentum
- Details: Fundamentum is a growth fund for mid-stage technology companies in India. They focus on scaling technology-driven businesses.
- Investment Focus Areas: Technology-driven companies.
- Notable Investments: Not publicly disclosed.
- Sixth Sense Ventures
- Details: Sixth Sense Ventures is a venture capital firm based in India, focusing on consumer-centric businesses. They have become the largest external stakeholder in ProcMart.
- Investment Focus Areas: Consumer products, consumer technology, consumer services.
- Notable Investments: Soothe Healthcare, LEAP India, Hindustan Foods.
- IndiaMART InterMESH
- Details: IndiaMART InterMESH is an online B2B marketplace in India. They provide a platform for small and medium enterprises to connect with buyers.
- Investment Focus Areas: B2B marketplaces, related technology.
- Notable Investments: Not publicly disclosed.
What's Next for ProcMart?
ProcMart is poised for significant growth, leveraging opportunities in expanding its service offerings and market presence. The company plans to launch white-label construction equipment and collaborate with local vendors in the biomass briquettes and pellets manufacturing sector. With a diverse clientele including industry giants like Colgate and Mondelez, the potential for client acquisition and retention is substantial.
Future fundraising opportunities appear promising, given the successful pre-Series B and Series A rounds. Sixth Sense Ventures, holding a 30% stake, is likely to continue supporting ProcMart's growth. The company’s valuation at INR 275 crore reflects its strong market position and investor confidence.
However, challenges such as competition from other B2B procurement platforms and the need to continuously innovate could pose hurdles. Maintaining service quality while scaling operations will be crucial for ProcMart's sustained success. As the B2B supply chain solutions industry evolves, ProcMart's ability to adapt and expand will determine its future trajectory.
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