B2B Marketplaces still hot as ProcMart Secures $10 Million in Series A Funding round


    ProcMart, Noida based B2B procurement company has secured $10 million in it’s most recent Series A funding round spearheaded by Sixth Sense Ventures.

    The company has revealed in a press release that it intends to divert the funding proceeds to its international expansion drive, the improvement of its vendor partnerships, and upgrading its technology and warehousing infrastructure. ProcMart intends to notch Rs 1,000 crore revenue in next three years.

    ProcMart was founded by Anish Popli in 2015. The platform describes itself as an enterprise-centered MRO (Maintenance, repair, overhaul) aggregator with tech capacities. ProcMart’s manageable interface pools industry stakeholders to cater to the diverse demands that may be encountered across the different levels of the supply chain, and to cater to the demands of specific roles and responsibilities in an organization.

    Presently, ProcMart boasts of 13 Indian offices and one overseas office situated in Malaysia. Before 2023, ProcMart will launch white label items under the label which falls into the PPE categories. The company has already introduced packaging into its services and plans to incorporate construction equipment with time in addition to the numerous services it offers.

    ProcMart has an intimidating profile in terms of the key services it offers. These services include: contracting, contract administration, e-Catalog management, purchase order management, master data management, market intelligence, sourcing support, compliance tracking, KPI, tail spend management, and category management.

    In 2016, ProcMart secured funding from IndianMart although the amount was not disclosed. The B2B procurement space is currently saturated with companies like Infra.market, Moglix, Zetwerk, IndustryBuying, and Ofbusiness among ProcMart’s competitors.

    ProcMart’s major backer; Sixth Sense Ventures is not a neophyte in the investment space. The VC firm currently has The Bombay Shaving Company, BIRA, Eupheus Learning, Toprankers, AVG Logistics Leap, Paree, and Prozo as companies on its extensive portfolio.

    As originally reported in (https://entrackr.com/2022/11/procmart-raises-10-mn-series-a-round/)