ProcMart raises Rs 25 Cr in pre-Series B round

Business-to-business procurement marketplace ProcMart has raised Rs 25 crore ($3 million) in its pre-Series B round from Sixth Sense Ventures India.

The board at ProcMart has issued 5,933 pre-series B CCPS at an issue price of Rs 42,127 each to raise Rs 25 crore, its regulatory filing soured from the RoC shows.

Previously, the startup had raised $10 million in its Series A round led by Sixth Sense Ventures in November 2022. 

Following the fresh proceeds, Sixth Sense became the largest external stakeholder with 30% stake in ProcMart while its founder and chief executive officer Anish Popli will command 41.76% of the company. 

As per the startup data intelligence platform TheKredible, the latest capital injection has been done at a valuation, which is Rs 275 crore.

Founded in 2015 by Anish Popli, the IndiaMART-backed startup provides supply chain solutions and infrastructure to businesses including services such as purchase order management, contract administration, master data management, e-catalogue management and market intelligence. 

ProcMart's clients include Colgate, Mondelez, Harman, and Vedanta. It has 13 offices in India and one in Malaysia. The company also launched white-label in 2022 to provide construction equipment.

The Noida-based company recently announced a strategic collaboration with local vendors in the biomass briquettes and pellets manufacturing sector.

It competes with Lightspeed Ventures-backed Udaan in the B2B supply chain space.