ProcMart raises $30 million led by Nandan Nilekani's Fundamentum and Edelweiss Discovery Fund
Summary
Business-to-business (B2B) procurement marketplace ProcMart has raised $30 million in its Series B funding round led by Infosys cofounder Nandan Nilekani and venture capital investor Sanjeev Aggarwals fund, Fundamentum Partnership, and from Edelweiss Discovery Fund.The firm has raised the funds at around $120 million of valuation, sources told Moneycontrol.The round also saw participation from South Korea-based Paramark Ventures as well as from existing investors Sixth Sense Ventures and IndiaMART.The firm plans to utilise the funds for geographical expansion, venturing into manufacturing of biofuels, entering the packaging segment as well as to strengthen its existing technology, the firms newly appointed chief financial officer and chief strategy officer Sachin Jain told Moneycontrol. "Venturing beyond our core MRO (Maintenance, Repair and Operations) 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, Jain said.The firm has set up offices in Malaysia and is looking to expand to other Southeast Asian countries, Jain told.Founded in 2015 by Anish Popli, an IIM Lucknow and NIT-Trichy Alumnus with experience in procurement and project management from BHEL and Energo Engineering, ProcMart is an enterprise-focused maintenance, repair and overhaul (MRO) aggregator with a tech-enabled digital platform.In FY23, the firm saw a revenue of around Rs 220 crore and in FY24 the firm saw revenues touch Rs 620 crore, Jain said. "We are seeing very good growth rates for FY25 as well we are seeing a healthy monthly revenue of Rs 80 crores a month and will likely see revenue touching around Rs 1,000 crores," Jain added.ProcMart has also been profitable for the last three years and will is also looking at strategic acquisitions to augment its market leadership and enhance client offerings, he further said.ProcMart counts domestic enterprises such as Colgate, Mondelez, Harman, Dana, and Vedanta as its customers.The investment comes at a time when investors are doubling down on B2B manufacturing tech segment.In 2023, firms like Etheral Machines, Zetwerk, and Tamil Nadu-based Frigate raised funds across rounds.Moneycontrol reported last week that Sedemac Mechatronics, an auto parts and powertrain controls manufacturing firm, has also raised $75 million from venture capital funds A91 Partners and Exponentia Ventures at a $500 million.Also Read: IIT Bombay Profs startup Sedemac Mechatronics in talks to raise $100 million from A91, Xponentia, 360 ONE AssetIn 2016, Procmart raised an undisclosed amount in its pre-series A funding round from IndiaMart. "Fundamentum was attracted by the founding teams tenacious focus on fundamentals, they have been growing 100% Y-o-Y and profitable over the last 3 years, a rarity in the current Indian startup landscape," Prateek Jain, Principal, Fundamentum said.IndiaMart-backed ProcMart has 13 offices in India and one in Malaysia, all of which are supported by its own cloud platform.