ProcMart, a B2B procurement marketplace, has successfully raised $30 million (₹250 crore) in a Series B funding round. The funding effort was led by Nandan Nilekani and Sanjeev Aggarwal’s VC fund, Fundamentum Partnership, along with the Edelweiss Discovery Fund. South Korea-based Paramark Ventures also participated in this round, alongside continued support from existing investors Sixth Sense Ventures and IndiaMART. DC Advisory served as the financial advisor for the fundraise.
The newly acquired capital will be utilized by ProcMart to pursue strategic acquisitions aimed at reinforcing its market leadership and enhancing client services. These acquisitions are expected to improve the company’s supply chain integration and expand its contract manufacturing capabilities. Additionally, ProcMart plans to broaden its product offerings into new sectors, including Biofuel and Packaging, and to expand its distribution network within India while also bolstering its operations in Southeast Asia.
ProcMart is also focusing on talent acquisition, technology advancements, and establishing a greater presence in new regions both in India and internationally.
Anish Popli, CEO and founder of ProcMart, commented on the investment: “We are pleased to join forces with our new investors in our vision to provide a digital ecosystem for indirect procurements. With the rise of centralized procurement and a shift towards optimizing non-core expenditures, the Indian MRO industry is poised for significant transformation. Given our established credibility and robust infrastructure, we are well-positioned to capitalize on this market opportunity.”
Sachin Jain, Chief Financial Officer and Chief Strategy Officer at ProcMart, highlighted the company’s hybrid “phygital” model, which combines digital capabilities with physical engagements to ensure customer satisfaction. “Venturing beyond our core MRO consumables into the BioFuel and Packaging sectors reflects our commitment to sustainability and anticipation of future market needs,” Jain added.
Prateek Jain, Principal at Fundamentum, praised ProcMart’s platform for enabling large enterprises to outsource and digitize critical, non-core functions of their businesses. “Anish and his team have demonstrated a proven record of digitizing legacy processes for indirect procurement, resulting in ease of operations, quality assurance, and significant cost reductions for their Fortune 500 clients,” he stated.
Ashish Agarwal, Managing Partner at Edelweiss Discovery Fund, expressed enthusiasm about ProcMart’s growth trajectory, noting its potential to deepen its market reach and expand further. “ProcMart is a high-growth, profitable company that is expanding the MRO category in India. We are delighted to partner with Anish and his team as they continue to scale profitably and lead their category,” Agarwal concluded.
