Business-to-business (B2B) procurement marketplace platform ProcMart raised $10 million in a Series A funding round led by Sixth Sense Ventures. The company will utilise the prospects of this investment round to expand its business in the global market. Additionally, ProcMart will strengthen vendor partnerships and upgrade technology and warehouse capabilities as it aims to become a significant player in India's $18 billion Maintenance, Repair and Overhaul (MRO) market in India, the company said in a press statement.
Recently TradeZeal Online, a subsidiary of IndiaMART, decided to sell 4,850 shares of Instant Procurement (parent company of ProcMart) to Sixth Sense Ventures.
Anish Popli, an IIM Lucknow alumni founded ProcMart as an enterprise-focused MRO supply-chain aggregator. Some of the services it offers include purchasing order management, contracting administration, tracking compliance, sourcing support and data management.
“This financing will be crucial to increasing our geographic reach, forming effective vendor alliances and improving our technological and warehousing capabilities,” founder and CEO Popli said in a statement while talking about the investment. He added that ProcMart has been running on the profitability track for the past few years.
ProcMart’s financial number suggested that the company gained Rs 39.06 crore in revenue in FY21. It also registered a PAT (profit after tax) of Rs 1.08 crore.