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Read 2 minutes 16 April 2024 at 06:30 A.M.
Fundamentum Partnership led the round, which was co-founded Nandan Nilekani, Sanjeev Aggarwal and Edelweiss Discovery Fund.
![Capital from Noida helps ProcMart to pursue an inorganic strategy of growth, expand its distribution network across the country, and increase its operations internationally in Southeast Asia. Capital from Noida helps ProcMart to pursue an inorganic strategy of growth, expand its distribution network across the country and increase its operations internationally in Southeast Asia.](https://www.livemint.com/lm-img/img/2024/04/15/600x338/magic_of_compounding_1704704150553_1713197085216.jpg)
Bengaluru-based ProcMart, an online business-tobusiness marketplace headquartered in Noida, has raised $30mn through a Series-B round, led by Fundamentum Partnership. Fundamentum Partnership is a venture-capital firm founded by Nandan Nilkani, Sanjeev Aggarwal and Edelweiss Discovery Fund. Paramark Ventures, based in South Korea, also took part.
Sixth Sense Ventures, IndiaMART, and its chief executive Dinesh Aggarwal are among the company’s existing investors.
ProcMart will use the funding to pursue inorganic growth and expand its distribution networks in India, Southeast Asia and other countries.
The company plans to increase its biofuel presence, as well as packaging, safety and security supplies. It has allocated almost $18 million for its mergers and acquisitions. Anish Popli, founder of the company, said that they are aiming to make strategic acquisitions in unbranded supplies so as to build a supply chain from production through end-supply and improve their gross margins.
ProcMart is operated by Instant Procurement Services Pvt. Ltd connects buyers with sellers via an app, making it easy to purchase consumer goods, durables and automotive products, as well as oil and gas and healthcare and pharmaceuticals.
We want to increase our market share in countries like Malaysia and Indonesia. Popli said that this year we also plan to expand into Vietnam.
ProcMart plans to use these funds for expanding its team, upgrading its technology platform, and expanding its presence in India’s new markets. B2B startups in India are benefiting from the strong digitization of manufacturing, encouraged by China plus one strategy and government policy initiatives.
Prateek JAIN, Fundamentum’s principal, stated that this would be an excellent place to create a verticalized product category. In the MRO category, due to its long tail and large SKUs, the aggregation payment could be extremely profitable. We were particularly interested in the digitalisation of Indian B2B business, focusing primarily on the large companies.
Fundamentum has made its third investment in the second fund after Kuku FM, Wishlink and Fundamentum.
In 2015, Popli Potnis, Saheel Joshuai and Pratik Joshi founded ProcMart. Sixth Sense Ventures had invested $10 million into the company in a series A round last November. Its revenue had nearly doubled to almost You can also find out more about the Rs.In FY24 it grew by three times, with revenues of nearly You can also find out more about the Rs.He added that 625 crores in revenues.
This company targets You can also find out more about the Rs.1000 crores in FY25 The company also plans to enter more markets, including those in Southeast Asia and Africa. It hopes to be listed within the next four years.
Ashish Agarwal is managing partner of Edelweiss Discovery Fund. He said, “We’re excited by the prospect of expanding across existing vectors such as categories, clients, and geography.” We back companies in the mid-stage who have a strong market position and are scaling their business profitably. ProcMart fits perfectly with our fund.”
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Published: April 16, 2024 at 06:30 am IST
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