B2B marketplace ProcMart raises $10M in Series A
a Gurgaon-based B2B sourcing marketplace, raised $10m in a Series A funding round led by .
In a statement, the startup said the new capital will be used for international expansion in Vietnam, Australia and Dubai in the coming months, as well as to strengthen supplier partnerships and improve its technology and marketing capabilities. storage. ProcMart aims to hit the Rs 1,000 crore revenue mark over the next three years.
The development comes just days after Tradezeal Online, a wholly owned subsidiary of IndiaMART, agreed to sell shares of ProcMart worth Rs 13.62 crore to Sixth Sense Ventures.
“With consistent growth and profitability over the past few years, ProcMart has become a strong player providing an end-to-end digital ecosystem for indirect sourcing to leading multinationals and national companies. This funding will be critical in expanding our geographic reach, forming effective supplier alliances and enhancing our technology and warehousing capabilities,” said Anish Popli, Founder and CEO of ProcMart.
“Sixth Sense Ventures has a strong track record of partnering with B2B enablers and helping them scale by leveraging their connected ecosystem. We are thrilled to have them partner with us as we embark on the next stage of growth” , he added.
The IndiaMART-backed startup provides supply chain solutions and infrastructure to businesses, including services such as purchase order management, contract administration, master data management, e-catalog management and market intelligence. It competes with Lightspeed Ventures in the B2B supply chain space.
ProcMart customers include Colgate, Mondelez, Harman and Vedanta. It has 13 offices in India and one in Malaysia. The company aims to launch white label items by the end of 2022 and supply construction equipment thereafter.