India’s B2B procurement marketplace, ProcMart, has raised $10 million in its Series A round led by Sixth Sense Ventures.
As per a press release, ProcMart said the new funds would be used to expand internationally, strengthen vendor partnerships, and upgrade technology and warehousing capabilities.
ProcMart Founded in 2015 by Anish Popli, is an enterprise-focused MRO aggregator with a tech-enabled platform. ProcMart connects a variety of stakeholders through an easy-to-use interface, to meet demands across various levels of the supply chain.
The company currently has 13 offices in India and one overseas in Malaysia. By the end of 2022, the company plans to launch white-label items under the label in the PPE categories. Currently, it has forayed into packaging and is looking to expand its offerings to include construction equipment as well.
ProcMart’s key services include purchase order management, contract management, master data management, e-Catalog management, compliance tracking, sourcing support, market intelligence, contracting, tail spend management, KPI, and category management.
ProcMart had previously raised an undisclosed amount from IndiaMart in 2016. The company’s competitors include several B2B procurement players, including Moglix, Infra.Market, Zetwerk, Ofbusiness, and IndustryBuying, among others.
VC firm Sixth Sense Ventures’ portfolio includes BIRA, The Bombay Shaving Company, Eupheus Learning, AVG Logistics Leap, Toprankers, Prozo, and Paree among others.