Procurement management software startup Procol has secured $6.4 million or Rs 51 crore co-led by GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital, and Anchorage Capital.
The round also witnessed participation of existing investors Blume Ventures, Beenext, Sequoia Surge, and angel investors like Kunal Shah, Mars Shot Ventures, Deb Deep Sengupta, Srinath, Ashish Dave, Ankush Grover, Aaryaman Vir Shah, and Ankit Sethi.
The proceeds will be deployed to build and enhance solutions to ease procurement woes through Procol’s procurement software and business to business marketplace, the company said in a press release.
Entrackr had exclusively reported about this round in June. As per Fintrackr’s estimates, Procol is valued at around $75 million.
Founded by Gaurab Baheti and Sumit Mendiratta in 2018, Procol is a procurement technology company to streamline manual procurement processes for SMEs. It gets rid of brokers from the procurement chain and brings buyers, sellers, brokers and traders under its ecosystem. Havells, Cremica, Zetwerk, BlinkIt, Emami and 70 others are leveraging a network of 25,000 suppliers present on Procol’s B2B marketplace platform.
Previously, the company had raised around $4 million from Sequoia’s Surge, Singapore-based Beenext and Blume Ventures in July 2020. Entrackr was first to report the development. It has raised close to $12 million to date including a $1 million seed round in 2019 and $100K grant from Y Combinator in 2018. Zerodha’s Rainmatter also took part in the seed round.
While Procol is yet to disclose its FY22 financial numbers, the five-year-old company posted operating revenue of Rs 57 lakh in FY21. The company’s losses soared 3.6X to Rs 2.6 crore, according to Procol’s annual financial statement.