ProcMart, a leading business-to-business procurement marketplace, has raised Rs 25 crore ($3 million) in its pre-Series B funding round, with Sixth Sense Ventures India as the primary investor. The company’s latest financing round underscores its continued growth trajectory and strategic positioning in the market.
The regulatory filing from the RoC reveals that ProcMart issued 5,933 pre-series B CCPS at an issue price of Rs 42,127 each to raise the capital above. This infusion of funds follows a successful Series A round in November 2022, when the company raised $10 million, also led by Sixth Sense Ventures.
With this latest investment, Sixth Sense Ventures has emerged as the largest external stakeholder in ProcMart, holding a 30% stake. Meanwhile, Anish Popli, the founder and CEO of ProcMart, maintains a significant ownership stake of 41.76%.
According to data from TheKredible, the pre-Series B funding has been secured at a valuation of Rs 275 crore, reflecting the company’s robust growth and potential in the market.
Founded in 2015 by Anish Popli, ProcMart offers businesses comprehensive supply chain solutions and infrastructure services, including purchase order management, contract administration, master data management, e-catalogue management, and market intelligence. The company caters to a diverse clientele, including industry giants such as Colgate, Mondelez, Harman, and Vedanta.
ProcMart’s strategic initiatives, such as the recent launch of white-label construction equipment in 2022 and a collaboration with local vendors in the biomass briquettes and pellets manufacturing sector, underscore its commitment to innovation and expanding its service offerings.
In the competitive landscape of B2B supply chain solutions, ProcMart faces competition from players like Udaan, backed by Lightspeed Ventures. However, with its strong investor backing, innovative approach, and growing clientele, ProcMart is well-positioned to consolidate its market presence and drive further growth in the coming years.
