Summery: ProcMart, a B2B digital marketplace focusing on supply chain solutions, has secured $30 million in Series B funding led by Fundamentum Partnership and Edelweiss Discovery Fund, with participation from Paramark Ventures. The investment will support ProcMart’s expansion into new industries, enhancement of supply chain integration, and talent acquisition.
ProcMart, a leading B2B digital marketplace specializing in supply chain solutions, has announced the successful closure of a $30 million Series B funding round. The investment was led by Nandan Nilekani’s Fundamentum Partnership and Edelweiss Discovery Fund, with participation from South Korea-based Paramark Ventures. This significant infusion of capital will fuel ProcMart’s strategic initiatives, including acquisitions, enhancing backward integration of the supply chain, expanding contract manufacturing capabilities, talent acquisition, technology development, and market expansion.
Anish Popli, CEO and Founder of ProcMart, expressed enthusiasm about the partnership with the new investors, stating, “We are pleased to join forces with our new investors in our vision to provide a digital ecosystem for indirect procurements.” Popli highlighted the transformative potential of ProcMart in revolutionizing the Indian MRO (maintenance, repair, and overhaul) industry, particularly with the increasing focus on centralizing procurement and optimizing non-core expenditures.
Established in 2015, ProcMart facilitates seamless connections between large enterprises and vendors for their indirect purchases through its tech platform interface. The platform offers a comprehensive suite of functions, including vendor consolidation, inventory management, digital procurement, expense tracking, and logistics management. ProcMart aims to diversify its offerings beyond MRO consumables into sectors such as biofuel and packaging, reflecting its commitment to sustainability and anticipation of future market needs.
Sachin Jain, CFO of ProcMart, emphasized the company’s dedication to sustainability and innovation, stating, “Venturing beyond our core MRO consumables into the biofuel and packaging sectors reflects our commitment to sustainability and the anticipation of future market needs.”
Prateek Jain, Principal at Fundamentum, underscored the alignment between ProcMart’s mission and Fundamentum’s investment thesis, stating, “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.” Jain highlighted ProcMart’s impressive growth trajectory, boasting a 100% year-on-year growth and profitability for the last three years.
With a presence across 20 Indian cities and international operations in Malaysia and Indonesia, ProcMart is well-positioned to capitalize on the evolving needs of the B2B supply chain industry. As ProcMart embarks on its next phase of growth and innovation, the investment marks a significant milestone in its journey towards transforming the procurement landscape and driving sustainable value for its customers and stakeholders.