ProcMart, a B2B marketplace, secures funding of Rs 250 crore led by Fundamentum and Edelweiss Discovery Fund
ProcMart, an online B2B marketplace, has successfully raised $30 million in its Series B funding round led by Nandan Nilekani and Sanjeev Aggarwal’s VC fund. The capital will be used for strategic acquisitions, expanding distribution network, and strengthening global operations in Southeast Asia.
Founded in 2015 by Anish Popli, ProcMart aims to revolutionize the Indian MRO industry by focusing on centralised procurement and optimizing non-core expenditures. The company’s credibility and infrastructure position it well to take advantage of the market opportunity.
The funding round also saw participation from Paramark Ventures, in addition to existing investors Sixth Sense Ventures and IndiaMART. The capital will be utilized for talent acquisition, technology development, and expanding operations in new regions in India and globally.
Fundamentum, one of the lead investors, was impressed by ProcMart’s consistent growth and profitability over the last 3 years. Ashish Agarwal of Edelweiss Discovery Fund highlighted ProcMart’s excellent service capabilities and partnership potential.
With a presence in 20 cities in India and operations in Malaysia and Indonesia, ProcMart continues to expand its reach and services. The company’s focus on fundamentals and profitability has attracted strong backing from investors, paving the way for future growth and success.
