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ProcMart secures $30 million in Series B funding for B2B marketplace

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B2B marketplace ProcMart raises $30 million Series B money

In a recent development, Bengaluru-based ProcMart, a Noida-based business-to-business marketplace, has successfully raised $30 million in a Series B round. The funding was led by Fundamentum Partnership, a venture capital firm co-founded by Nandan Nilekani and Sanjeev Aggarwal, and Edelweiss Discovery Fund. South Korea-based Paramark Ventures also participated in the round. This investment will support ProcMart in its expansion efforts across India and Southeast Asia.

Since 2023, ProcMart has been strategically planning to expand its presence in biofuel, packaging, safety supplies, and has allocated significant funds for merger and acquisition activities. The company aims to enhance its supply chain from manufacturing to end supply, ultimately increasing its gross margins. The B2B startup, operated by Instant Procurement Services Pvt. Ltd, has been connecting buyers and sellers through its application for easy procurement of various products.

The company’s co-founder, Anish Popli, expressed the company’s intention to expand into international markets like Malaysia, Indonesia, and Vietnam. The funding will also be utilized to bolster ProcMart’s team, enhance its technology platform, and extend its footprint in new markets within India. Fundamentum Partnership sees great potential in ProcMart’s digitization within the manufacturing sector, aligning with the China-plus-one strategy and governmental policies in India.

ProcMart, founded in 2015 by Anish Popli, Pratik Potnis, and Saheel Joshi, has shown significant growth over the years. In FY24, the company generated around ₹625 crore in revenue and is targeting ₹1,000 crore in FY25. With plans to expand further into Southeast Asia and Africa, ProcMart aims to go public within the next four years. The support from investors like Edelweiss Discovery Fund highlights the confidence in ProcMart’s growth trajectory and market positioning.

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