Decoding ProcMart’s Series B round, captable and valuation

B2B procurement marketplace ProcMart Mobility recently announced its $30 million Series B fundraising led by Fundamentum and Edelweiss Discovery Fund.

While the Noida-based company did not disclose more details of the round, Entrackr sifted through its regulatory filings to decode the round break-up, captable, and exact valuation.

The board at ProcMart has passed a special resolution to allot 33,521 Series B CCPS at an issue price of Rs 73,388.82 each to raise Rs 246 crore or $30 million, its regulatory filing accessed from the Registrar of Companies shows.

Fundamentum led the round with Rs 102.5 crore while Edelweiss Discovery Fund and Paramark KB Fund pumped in Rs 86.1 crore and Rs 57.4 crore respectively.

As per TheKredible estimates, the company has been valued at around Rs 724 crore or $88 million (post-money).

Following the fresh proceeds, Sixth Sense Ventures is the largest external stakeholder with 21.16% followed by IndiaMART which holds 12.85% of the company. Its founder and chief executive officer (CEO) Anish Popli commands a 29.45% stake in the company after the Series B round.

Head to TheKredible for the detailed captable.

Founded in 2015, ProcMart provides supply chain solutions and infrastructure to businesses including services such as purchase order management, contract administration, master data management, e-catalog management, and market intelligence.

ProcMart claims to have been growing 100% Y-o-Y and profitable over the last three years. During FY23, it registered Rs 206 crore in gross revenue with Rs 1.68 crore profit. The company is yet to file its financial results for FY24. 

It directly or indirectly competes with Moglix, Infra.Market, Zetwerk, Ofbusiness, and IndustryBuying.