ProcMart raises Rs 250 crore in Series B funding

Business to business procurement marketplace ProcMart has raised Rs 250 crore in a Series B funding round. The online business plans to use the capital to explore strategic acquisitions and to expand across India as well as globally.

“With the rise of centralised procurement and a shift towards optimising non-core expenditures, the Indian MRO industry is on the brink of a significant transformation,” said ProcMart’s founder and CEO Anish Popli, ET Retail reported. “Owing to our established credibility and robust infrastructure, we are well-positioned to capitalise on this market opportunity.”
 
The Series B funding round was led by venture capital business Fundamentum Partnership and Edelweiss Discovery Fund with participation from Paramark Ventures, the Economic Times reported. ProcMart aims to make strategic acquisitions to enhance its client offerings, invest in talent and technology, and for backward integration.
 
“Our shift towards a phygital model merges our digital expertise with tailored physical engagements, ensuring exceptional customer engagement and satisfaction,” said ProcMart’s chief financial officer and chief strategy officer Sachin Jain. “Venturing beyond our core MRO consumables into the BioFuel and packaging sectors reflects our commitment to sustainability and the anticipation of future market needs. Our Series B fundraise will be instrumental for us in building the capabilities to fuel our growth plans.”