Procol has raised Rs 51 crore funding in a new round of funding, to build and enrich solutions to solve India’s procurement problems through Procol’s procurement software and B2B marketplace.
“With a great team and great product, Procol has the solution to solve the long-lasting pain in India’s $500-billion procurement market. It is our honour to be part of the journey,” said Ryu Muramatsu, Director and Founding Partner, GMO VenturePartners.
Procol was founded in 2018 by Gaurav Baheti (ex-Google New York, Zomato, iSPIRT, Forbes Asia 30 under 30) and Sumit Mendiratta (ex-OYO, Zomato, VIT, Forbes Asia 30 under 30).
The core team of Procol has experience in technology, procurement, supply chain, and risk and come from startups and large companies.
Procol claims to reduce procurement costs by up to 10%
With sourcing and purchasing workflows, Procol’s solutions aim to streamline the procurement process. With the use of web and mobile apps, businesses can organise sourcing events, find and manage providers, and increase supply chain visibility. The goal of Procol’s interconnected ecosystem of SMB and business buyers is to increase transparency and traceability while also bringing about cost reductions. The business claims that Procol can reduce procurement costs by up to 10%.
The angels who participated are Kunal Shah (CRED founder), Mars Shot Ventures (Razorpay founders), Deb Deep Sengupta (former SAP India MD), Srinath Ramakkrushnan (Zetwerks Founder), Ashish Dave (Mirae VC), Ankush Grover (Rebel Foods CEO), Aaryaman Vir Shah (Prophetic Ventures), and Ankit Sethi (Fung Investments).
The funding was led by GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital, and Anchorage Capital. The funding round also saw the participation of existing investors Blume Ventures, Beenext, and Sequoia Surge.
