Procol backed by Y Combinator and Surge secures funding of $5.5 million
The Gurugram-based firm provides procurement software to businesses and received Series A financing after a two-year hiatus.According to Procols regulatory filing with RoC, the board of directors approved a special resolution to allot 1,547 pre-Series A compulsory convertible preference shares at an issue price of Rs 277,806 per share in order to generate Rs 43 crore ($5.5 million).Existing investors Surge Ventures and Blume Ventures each put in Rs 7.75 crore, while Beenext put in Rs 6.19 crore. The remaining funds have been contributed by more than a dozen investors, including MarsShot Ventures, an early-stage focused firm founded by Razorpay personnel.In July 2020, the business secured around $4 million from Sequoias Surge, Singapore-based Beenext, and Blume Ventures. Rainmatter by Zerodha also competed in the seed round.The Series A round looks to be ongoing, and the business might raise further funds. According to Procols annual financial statement, income fell by 48% to Rs 57 lakh in FY21, while losses increased by 3.6 times to Rs 2.6 crore.Procol is a mobile-based all-in-one procurement programme for agricultural, logistics, direct material, and other industries, founded by Gaurav Baheti and Sumit Mendiratta. Bigbasket, Cremica, BlinkIt, Emami, and 70 additional clients use Procols platform to access a network of 25,000 suppliers.