ProcMart, a Noida-based B2B procurement marketplace, has raised $10 million in a Series A round of funding that was led by Sixth Sense Ventures.
The new ProcMart Funding will help the company to achieve its global expansion into Vietnam, Australia, and Dubai in the upcoming months, as well as for expanding vendor partnerships and enhancing its technology and warehouse capabilities. In the following three years, ProcMart wants to reach a revenue of Rs 1,000 crore.
The development comes just days after Tradezeal Online, a wholly owned subsidiary of IndiaMART, agreed to sell shares of ProcMart worth Rs 13.62 crore to Sixth Sense Ventures.
ProcMart demonstrates consistent growth
Anish Popli, ProcMart Founder and CEO said “With consistent growth and profitability over the past few years, ProcMart has emerged as a strong player providing an end-to-end digital ecosystem for indirect procurement to leading MNCs and domestic enterprises. This financing will be crucial to increasing our geographic reach, forming effective vendor alliances, and improving our technological and warehousing capabilities.”
“Sixth Sense Ventures has a strong track record of partnering with B2B enablers and helping them scale leveraging their ecosystem connect. We are excited to have them partner with us as we embark upon the next leg of growth,” he added.
The IndiaMART-backed startup provides supply chain solutions and infrastructure to businesses including services such as purchase order management, contract administration, master data management, e-catalogue management and market intelligence. It competes with Lightspeed Ventures-backedin the B2B supply chain space.
The startup’s clients include Colgate, Mondelez, Harman, and Vedanta. It has 13 offices in India and one in Malaysia. The company aims to launch white-label items by the end of 2022 and provide construction equipment thereafter.
The B2B e-commerce platform, is witnessing strong demand from the FMCG, pharmaceutical, and automotive industries. The business hopes to generate $1 billion in sales over the next three years.