ProcMart, a New Delhi, India-based B2B marketplace, specializing in supply chain solutions, has secured $30 million in a Series B funding round.
Investors
The round was led by Fundamentum Partnership and Edelweiss Discovery Fund, with participation from South Korea-based Paramark Ventures.
Founded in 2017, Fundamentum Partnership is a venture capital investment firm based in Gurgaon, India. The firm focuses on the Consumer Internet and Enterprise SaaS space in India and from India for global markets.
Edelweiss Discovery Fund is an asset management firm that aims to back mid-stage companies run by high-quality management teams.
ProcMart Use of Funds
The company will use the funds for strategic acquisitions. The funding will support the expansion of ProcMart's distribution network within India and bolster its international operations in Southeast Asia.
About ProcMart
Founded in 2015, ProcMart is a B2B e-commerce and supply chain company that provides one-stop procurement solutions. Its tech platform offers comprehensive end-to-end solutions for indirect sourcing requirements, from vendor consolidation, inventory management, digital procurement, and expense tracking to logistics management. Its vision is to digitize and transform every aspect of the supply chain and B2B commerce that is unorganized or manual, and to develop solutions to transform the supply chain through technology.
Funding Details
Company: Procmart
Raised: $30.0M
Round: Series B
Funding Month: April 2024
Lead Investors: Fundamentum Partnership, Edelweiss Discovery Fund
Additional Investors: Paramark Ventures
Company Website: https://procmart.com.my/
Software Category: Procurement Solutions
Source: https://www.thehindubusinessline.com/companies/procmart-raises-30-million-in-series-b-funding/article68067660.ece