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A Gurgaon-based B2B procurement marketplace, has raised $10 million led by a Series A round of funding. .
In a statement, the startup said the new capital will be used in the coming months for international expansion in Vietnam, Australia and Dubai, as well as strengthening vendor partnerships and upgrading its technological and warehousing capabilities. ProcMart aims to reach the Rs 1,000 crore revenue mark in the next three years.
The development comes just days after Tradezeal Online, a wholly-owned subsidiary of Indiamart, agreed to sell ProCommerce stake to Sixth Sense Ventures for Rs 13.62 crore.
“With consistent growth and profitability over the past few years, ProcMart has emerged as a strong player providing an end-to-end digital ecosystem for indirect procurement for leading MNCs and domestic enterprises. This funding will be critical for expanding our geographic reach through effective vendor alliances, and our Improvement in technological and warehousing capabilities,” said Anish Popli, founder and CEO of Prokmart.
“Sixth Sense Ventures has a strong track record of partnering with B2B enablers and helping them scale ecosystem connectivity. We are excited to partner with them as we embark on our next phase of growth,” he added.
The Indiamart-backed startup provides supply chain solutions and infrastructure for businesses including purchase order management, contract administration, master data management, e-catalog management and market intelligence. It competes with the Lightspeed Venture-backed in the B2B supply chain space.
ProcMart’s clients include Colgate, Mondelez, Harman, and Vedanta. It has 13 offices in India and one in Malaysia. The company aims to launch white-label items by the end of 2022 and supply construction equipment thereafter.
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