TLDR:
- ProcMart, a B2B marketplace, raised $30 million in a Series B round led by Fundamentum Partnership and Edelweiss Discovery Fund.
- The funding will help ProcMart expand its distribution network, pursue inorganic growth initiatives, and grow its international operations.
Bengaluru-based ProcMart, a business-to-business marketplace, secured $30 million in a Series B funding round led by Fundamentum Partnership and Edelweiss Discovery Fund. The round also saw participation from Paramark Ventures, with existing investors including Sixth Sense Ventures and IndiaMART’s CEO, Dinesh Agarwal. The funding will support ProcMart’s inorganic growth strategy, expansion of its distribution network in India and Southeast Asia, and enhancement of its international operations. Founded in 2015 by Anish Popli, Pratik Potnis, and Saheel Joshi, ProcMart plans to utilize the capital to pursue strategic acquisitions, strengthen its supply chain, and increase gross margins. The company, which connects buyers and sellers through its application, is focused on expanding its presence in biofuel, packaging, and safety supplies, and intends to enter new markets in Vietnam. ProcMart also aims to expand its team, upgrade its technology platform, and achieve revenue targets of $1,000 crore in FY25. With the digitization trend in manufacturing in India and emerging opportunities in the B2B space, ProcMart is well-positioned for growth and further expansion.
