B2B procurement marketplace ProcMart raises $10 million in Series A funding round
Procmart | January 30, 2023
https://economictimes.indiatimes.com/small-biz/sme-sector/b2b-procurement-marketplace-procmart-raises-10-million-in-series-a-funding-round/articleshow/95651534.cms B2B procurement marketplace ProcMart has raised $10 million in series A funding round led by Sixth Sense Ventures. In order to secure these funds, Sequitur Advocates provided ProcMart with legal counsel while keeping in mind the company's growth strategy. The latest round of funding will be deployed towards international expansion, strengthening vendor partnerships and upgrading technological and warehousing capabilities. Founded in 2015 by Anish Popli, a first-generation entrepreneur and an IIM Lucknow and NIT-Trichy Alumnus with experience in procurement and project management from BHEL and Energo Engineering; ProcMart is an enterprise-focused MRO aggregator with a tech-enabled digital platform. Within a few years, it has been able to onboard, retain and deepen business with tier-1 global MNCs and domestic enterprises such as Colgate, Mondelez, Harman, Dana, Vedanta while expanding, across industry verticals, and product categories. Popli stated, “With consistent growth and profitability over the past few years, ProcMart has emerged as a strong player providing an end-to-end digital ecosystem for indirect procurement to leading MNCs and domestic enterprises. This financing will be crucial to increasing our geographic reach, forming effective vendor alliances, and improving our technological and warehousing capabilities. Sixth Sense have a strong track record of partnering with B2B enablers and helping them scale leveraging their ecosystem connect.” Nikhil Vora, Founder & CEO, Sixth Sense Ventures commented, “We have seen global players like Grainger & Fastenal achieve tremendous scale and growth, especially in US and Europe. The Indian market is relatively nascent but poised for massive disruption given the strong manufacturing potential and growing focus on organising non-core spends. We see ProcMart as a great opportunity to leverage this disruption in the otherwise unorganised and fragmented MRO industry in India. Super stoked to have Anish and ProcMart on board with this investment.” Maintenance, repair, and overhaul (MRO) is a $650 billion industry globally with growth outpacing that of the manufacturing sector. While the US & Europe are the largest markets at $300 billlion, with multi- billion-dollar MRO aggregators, India is still a nascent market at $18 billion with under 3% penetration and small, fragmented players. However, with a $300B manufacturing sector growing strongly, emergence of centralised procurement and increasing focus on optimising non-core spends, the Indian MRO industry is at the cusp of a disruption.