New Delhi, April 16 (IANS) Online B2B marketplace ProcMart on Tuesday said it has raised $30 million (about Rs 250 crore) in its Series B funding led by Nandan Nilekani and Sanjeev Aggarwal’s VC fund, Fundamentum Partnership, and the Edelweiss Discovery Fund.
The company said that it plans to utilise the capital to explore strategic acquisitions and expand its distribution network in India as well as strengthen its global operations in Southeast Asia.
“With the rise of centralised procurement and a shift towards optimising non-core expenditures, the Indian MRO industry is on the brink of a significant transformation,” said Anish Popli, CEO and Founder, ProcMart.
ProcMart was founded in 2015 by Popli, a first-generation entrepreneur and an alumnus of IIM Lucknow.
“Owing to our established credibility and robust infrastructure, we are well-positioned to capitalise on this market opportunity,” he added.
The round also saw participation from South Korea-based Paramark Ventures.
The company’s existing investors include Sixth Sense Ventures and IndiaMART.
The capital will also be deployed towards talent acquisition, technology and building footprints in newer regions in India and globally.
“Fundamentum was attracted by the founding team’s tenacious focus on fundamentals, they have been growing 100 per cent YoY and profitable over the last 3 years, a rarity in the current Indian startup landscape,” said Prateek Jain, Principal, Fundamentum.
Ashish Agarwal, Managing Partner, Edelweiss Discovery Fund, said the company has demonstrated excellent service capability with a marquee set of customers.
“Edelweiss Discovery Fund looks to back mid-stage companies who are category leaders and scaling profitably. ProcMart is a great fit for our fund and we are delighted to partner with Anish and his team,” Agarwal added.
ProcMart currently has presence across 20 cities in the country and international operations in Malaysia and Indonesia.
–IANS
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