ProcMart, a B2B marketplace for purchasing based out of Noida, has raised $10 million in a Series A round that was led by Sixth Sense Ventures.
According to a press release from the company, the latest funds will be used for worldwide expansion, bolstering vendor relationships, and improving technology and warehousing capabilities.
ProcMart is a procurement portal established in 2015 by Anish Popli, functions as a marketplace for businesses by bringing together companies for indirect purchases of goods and services. The start-up additionally provides procurement-related ancillary services, including master data administration, e-catalog management for sellers, expenditure tracking, and purchase order management.
Indirect procurement is the process of acquiring products and services that assist a company’s operations; they are typically non-core expenses like office supplies, packaging, etc. Businesses can track their non-core expenditures, keep track of depleting inventory so they can place orders before they run out of supplies, and track shipments on a single platform thanks to ProcMart’s patented e-procurement platform.
In order to better serve customers, it helps retailers maintain track of their sales inventories and analyze purchase and consumption patterns. receives a commission for any transaction it facilitates on the site, even those involving logistics. Buyers and sellers on the marketplace are both charged for advertising their “wanted” adverts and for premium real estate.
There are currently 13 offices for the company in India and one abroad in Malaysia. The business intends to introduce white-label products under the label in the PPE categories by the end of 2022. It currently deals in packaging and is attempting to broaden its product line to include construction equipment.
In 2016, ProcMart acquired an undisclosed amount from IndiaMart. Several B2B procurement firms, including Moglix, Infra. Market, Zetwerk, Ofbusiness, and IndustryBuying, are among the company’s rivals.
BIRA, The Bombay Shaving Company, Eupheus Learning, AVG Logistics Leap, Toprankers, Prozo, and Paree are among the companies in the portfolio of venture capital firm Sixth Sense Ventures.