ProcMart nets $30 million Fund for Strategic Acquisitions & Global Operations
A B2B marketplace specifying in supply chain solutions, publicized that it has secured $ 30 million in Series B funding round directed by Nandan Nilekani & Sanjeev Aggarwal’s VC fund, Fundamentum Partnership & the Edelweiss Discovery Fund.Also the round registered the participation from South Korea-headquartered Paramark Ventures.
Moreover, ProcMart fosters to expand its business elsewhere in MRO- Maintenance, Repair, & Operations consumables & focus on key sectors such as Biofuel & packaging.
The Founder & CEO of Procmart, Anish Popli expressed his confidence in the path of the company by mentioning its commitment to transforming indirect procurement via digital advancement.
The injection of Funds will be utilized for the expansion efforts of ProcMart with keeping eye on planned acquirements, boosting its delivery network within the country & ramp up its global operations in Southeast Asia.
Speaking to this, Popli said, "With the rise of centralized procurement and a shift towards optimizing non-core expenditures, the Indian MRO industry is on the brink of a significant transformation. Owing to our established credibility and robust infrastructure, we are well-positioned to capitalize on this market opportunity”.
Similarly, Prateek Jain, Principal, Fundamentum underscored on their investment in ProcMart by saying, "As a fund we are typically attracted to B2B platforms that can enable large enterprises to outsource and digitize non-core yet critical functions of their businesses. ProcMart sits very well with this thesis of ours...Fundamentum was attracted by the founding team’s tenacious focus on fundamentals, they have been growing 100% Y-o-Y and profitable over the last 3 years, a rarity in the current Indian start up landscape”.
Likewise, Ashish Agarwal, Managing Partner, Edelweiss Discovery Fund stated, "We are excited by the company’s prospects in deepening existing categories, customers and geographies and further expansion across these vectors. Edelweiss Discovery Fund looks to back mid-stage companies who are category leaders and scaling profitably. ProcMart is a great fit for our fund, and we are delighted to partner with Anish and his team.”
Moreover, ProcMart fosters to expand its business elsewhere in MRO- Maintenance, Repair, & Operations consumables & focus on key sectors such as Biofuel & packaging.
The Founder & CEO of Procmart, Anish Popli expressed his confidence in the path of the company by mentioning its commitment to transforming indirect procurement via digital advancement.
The injection of Funds will be utilized for the expansion efforts of ProcMart with keeping eye on planned acquirements, boosting its delivery network within the country & ramp up its global operations in Southeast Asia.
Speaking to this, Popli said, "With the rise of centralized procurement and a shift towards optimizing non-core expenditures, the Indian MRO industry is on the brink of a significant transformation. Owing to our established credibility and robust infrastructure, we are well-positioned to capitalize on this market opportunity”.
Similarly, Prateek Jain, Principal, Fundamentum underscored on their investment in ProcMart by saying, "As a fund we are typically attracted to B2B platforms that can enable large enterprises to outsource and digitize non-core yet critical functions of their businesses. ProcMart sits very well with this thesis of ours...Fundamentum was attracted by the founding team’s tenacious focus on fundamentals, they have been growing 100% Y-o-Y and profitable over the last 3 years, a rarity in the current Indian start up landscape”.
Likewise, Ashish Agarwal, Managing Partner, Edelweiss Discovery Fund stated, "We are excited by the company’s prospects in deepening existing categories, customers and geographies and further expansion across these vectors. Edelweiss Discovery Fund looks to back mid-stage companies who are category leaders and scaling profitably. ProcMart is a great fit for our fund, and we are delighted to partner with Anish and his team.”
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