The funds will be used for exploring strategic acquisitions for backward integration, enhancing client offerings, investing in talent acquisition and technology, and expanding presence in new markets within India and globally.
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“We are looking to strengthen ourselves in Southeast Asia. We want to increase our presence in India, expanding our portfolio to around 35 locations in the next one and a half years,” said founder and chief executive Anish Popli.
ProcMart expects its overseas business to contribute 20% of revenue in the next three years. The company currently has operations across 20 cities in India, and internationally in Malaysia and Indonesia. It serves about 70 clients including companies like Colgate, Cadbury, PepsiCo, Coca-Cola, and Brembo.
Founded in 2015, ProcMart allows large enterprises to connect with vendors for their indirect purchases. In the next 12 months, the company aims to leverage artificial intelligence (AI) and machine learning technologies to expand its operations and develop AI-driven recommendations for inventory procurement and management.
Popli said ProcMart’s revenue surged from Rs 208 crore in FY23 to Rs 625 crore in FY24. “We’re looking to reach the Rs 1,000 crore mark this year in terms of the topline number,” he added.
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Commenting on the investment, Prateek Jain, principal, Fundamentum said, “As a fund, we are typically attracted to B2B platforms that can enable large enterprises to outsource and digitise non-core yet critical functions of their businesses. ProcMart sits very well with this thesis of ours.”“ProcMart is a high-growth profitable company that is expanding the maintenance, repair, and operation (MRO) category in India. The company has demonstrated excellent service capability with a marquee set of customers. We are excited by the company’s prospects in deepening existing categories, customers and geographies and further expansion across these vectors,” said Ashish Agarwal, managing partner, Edelweiss Discovery Fund.
In November 2022, ProcMart raised $10 million in a funding round led by Sixth Sense Ventures. It has raised $43 million in total.
