ProcMart, India’s leading B2B procurement marketplace, has raised $10 million in a series A funding round led by Sixth Sense Ventures. Sequitur Advocates provided ProcMart with legal counsel in order to secure these funds while keeping the company’s growth strategy in mind. The most recent round of funding will be used to expand internationally, strengthen vendor partnerships, and upgrade technological and warehousing capabilities.
ProcMart is an enterprise focused MRO aggregator with a tech-enabled digital platform founded in 2015 by Anish Popli, a first-generation entrepreneur and IIM Lucknow and NIT-Trichy Alumnus with experience in procurement and project management from BHEL and Energo Engineering. It has been able to onboard, retain, and deepen business with tier-1 global MNCs and domestic enterprises such as Colgate, Mondelez, Harman, Dana, and Vedanta in just a few years while expanding across industry verticals and product categories.
Commenting on the Company’s vision Anish Popli, Founder & CEO, ProcMart said, “This financing will be crucial to increasing our geographic reach, forming effective vendor alliances, and improving our technological and warehousing capabilities.”
Speaking on their investment in ProcMart, Nikhil Vora, Founder & CEO, Sixth Sense Ventures said, “ProcMart aligns well with our thesis of betting on first generation founders, creating disruptive businesses in the high potential MRO category in India. We have seen global players like Grainger & Fastenal achieve tremendous scale and growth, especially in US and Europe. The Indian market is relatively nascent but poised for massive disruption given the strong manufacturing potential and growing focus on organising non-core spends. We see ProcMart as a great opportunity to leverage this disruption in the otherwise unorganised and fragmented MRO industry in India. Super stoked to have Anish and ProcMart on board with this investment.”
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