ProcMart, a prominent player in the business-to-business (B2B) procurement sector, has announced the successful closure of its pre-Series B funding round, raising an impressive Rs 25 crore ($3 million). Sixth Sense Ventures India, a leading investment firm, spearheaded the investment, underscoring its confidence in ProcMart’s innovative approach to supply chain solutions.
The fundraising effort, as revealed by regulatory filings sourced from the Registrar of Companies (RoC), involved the issuance of 5,933 pre-Series B Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 42,127 each. This strategic move aims to bolster ProcMart’s expansion initiatives and further solidify its position in the competitive B2B procurement landscape.
ProcMart’s journey towards this latest funding milestone began with its successful Series A funding round in November 2022, where it secured a substantial $10 million, led by Sixth Sense Ventures. With this recent infusion of capital, Sixth Sense Ventures has emerged as the largest external stakeholder in ProcMart, holding a significant 30% stake in the company.
Anish Popli, the visionary founder and Chief Executive Officer of ProcMart, retains a commanding 41.76% ownership stake, reflecting his unwavering commitment to the company’s mission and vision. The successful completion of the pre-Series B funding round not only validates ProcMart’s growth trajectory but also underscores investor confidence in its strategic direction and potential for further expansion.
According to insights provided by TheKredible, a trusted startup data intelligence platform, the latest funding round has valued ProcMart at an impressive Rs 275 crore, highlighting the company’s robust market positioning and growth prospects.
ProcMart, founded in 2015 with backing from IndiaMART, has emerged as a leading provider of end-to-end supply chain solutions and infrastructure services to businesses across various industries. Its comprehensive suite of offerings includes purchase order management, contract administration, master data management, e-catalogue management, and market intelligence services.
The company’s esteemed clientele comprises industry giants such as Colgate, Mondelez, Harman, and Vedanta, reflecting the trust and confidence placed in ProcMart’s ability to deliver value-added solutions tailored to meet their evolving business needs.
With a strategic presence spanning 13 offices across India and one in Malaysia, ProcMart is well-positioned to cater to the diverse requirements of its expanding client base, both regionally and internationally. In a strategic move to diversify its service portfolio and tap into new market segments, ProcMart ventured into the construction equipment segment by launching a white-label platform in 2022, further enhancing its value proposition and market competitiveness.
In addition to its core business operations, ProcMart has recently embarked on a strategic collaboration with local vendors operating in the biomass briquettes and pellets manufacturing sector. This collaborative effort aims to leverage synergies and drive mutual growth opportunities, thereby reinforcing ProcMart’s commitment to fostering sustainable partnerships and driving innovation within the industry.
Despite its remarkable achievements and market traction, ProcMart faces formidable competition in the B2B supply chain space, notably from Udaan, backed by Lightspeed Ventures. However, with its innovative solutions, customer-centric approach, and strong investor backing, ProcMart is well-equipped to navigate the competitive landscape and capitalize on emerging opportunities.
As ProcMart continues to chart its growth trajectory and expand its footprint in the dynamic B2B procurement market, the successful closure of its pre-Series B funding round signals a new chapter of growth and innovation for the company. With Sixth Sense Ventures India leading the investment charge, ProcMart is poised to accelerate its expansion initiatives, drive product innovation, and deliver unparalleled value to its customers, reaffirming its position as a trailblazer in the B2B procurement ecosystem.
