ProcMart Raises $10 Million In Series A Funding Round The latest round of funding will be deployed towards international expansion, strengthening vendor partnerships and upgrading technological and warehousing capabilities
By Teena Jose
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A B2B procurement marketplace ProcMart has raised $10 million in Series A funding round led by Sixth Sense Ventures. In order to secure these funds, Sequitur Advocates provided ProcMart with legal counsel while keeping in mind the company's growth strategy. The latest round of funding will be deployed towards international expansion, strengthening vendor partnerships and upgrading technological and warehousing capabilities.
"With consistent growth and profitability over the past few years, ProcMart has emerged as a strong player providing an end-to-end digital ecosystem for indirect procurement to leading MNCs and domestic enterprises. Sixth Sense has a strong track record of partnering with B2B enablers and helping them scale leveraging their ecosystem connects. We are excited to have them partner with us as we embark upon the next leg of growth," said Anish Popli, founder and CEO, ProcMart.
The company currently has 13 offices in India and one overseas in Malaysia, all of which are supported by its own cloud platform. By the end of 2022, the company plans to launch white label items under the label in the PPE categories. Currently, it has forayed into packaging and is looking to expand its offerings to include construction equipment as well, claimed by the company in a statement.
"ProcMart aligns well with our thesis of betting on first generation founders, creating disruptive businesses in the high potential MRO category in India. The Indian market is relatively nascent but poised for massive disruption given the strong manufacturing potential and growing focus on organising non-core spends. We see ProcMart as a great opportunity to leverage this disruption in the otherwise unorganised and fragmented MRO industry in India. Super stoked to have Anish and ProcMart on board with this investment," said Nikhil Vora, founder and CEO, Sixth Sense Ventures.
Founded in 2015 by Anish Popli, ProcMart is an enterprise focused MRO aggregator with a tech-enabled digital platform which provides supply chain solutions to empower businesses.
