NowPurchase completes maiden ESOP buyback

NowPurchase, a SaaS-enabled marketplace for metal manufacturers, has completed its first-ever Employee Stock Option Plan (ESOP) buyback. 

Earlier in September, NowPurchase raised $6 million in equity and debt round led by Info Edge Ventures. In January 2022, it had raised $2.4 million in a seed round led by Orios and InfoEdge Ventures.

Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase procures raw materials through its scrap recycling services and metal cloud platform to benefit metal manufacturers.  

It also provides its users with a WhatsApp bot to discover prices and stock in real-time, a team to provide on-ground service and quality assurance, and a proprietary SaaS platform to optimize their manufacturing process.

The company’s proprietary platform, MetalCloud, acts as an operating system that enhances transparency and efficiency in metal production and melting processes. It serves over 250 factories across the metal supply chain, including major corporations like Titagarh Rail Systems Limited, Brakes India and many more.

According to TheKredible’s data, more than 20 startups have implemented ESOP buyback, liquidity, and payout programs worth around $200 million in the ongoing calendar year (2024).