ProcMart, a B2B marketplace, secures $30 million in Series B funding

In a recent development, Bengaluru-based business-to-business marketplace ProcMart has successfully raised $30 million in a Series B funding round. This funding was led by Fundamentum Partnership, along with Edelweiss Discovery Fund and Paramark Ventures from South Korea. The company also has existing investors such as Sixth Sense Ventures and IndiaMART’s chief executive Dinesh Agarwal.

The funding will allow ProcMart to focus on its inorganic growth initiatives and expand its distribution network across India and Southeast Asia. Since 2023, the company has been planning to expand its presence in biofuel, packaging, and safety supplies. Founder Anish Popli mentioned that the company is aiming for strategic acquisitions in the unbranded supply category to strengthen its supply chain and increase gross margins.

Operated by Instant Procurement Services Pvt. Ltd, ProcMart connects buyers and sellers through its application to facilitate the procurement of various goods, including consumer goods, durables, automotive products, and healthcare items. The company is also looking to expand its presence in international markets like Malaysia, Indonesia, and Vietnam.

The funds raised will be used to expand the team, upgrade the technology platform, and enter new markets in India. With the growing digitization trend in the manufacturing sector in India, ProcMart is strategically positioned to benefit from the market dynamics and governmental policies. The company is aiming for a revenue target of ₹1,000 crore in FY25 and is planning to expand to more markets in Southeast Asia and Africa, with the goal of going public within four years.