Noida-based procurement marketplace for office products, ProcMart, has raised an undisclosed amount in angel funding from Indiamart founder and CEO Dinesh Agarwal.
The startup will utilise the funds to expand its reach, improve buyer-supplier network and introduce new features on its platform.
ProcMart was founded in 2015 by IIM Lucknow alumnus, Anish Popli, along with Pratik Potnis and Saheel Joshi. It is a B2B procurement assistance application where buyers share their requirements and sellers post price quotes. It is a marketplace for bulk procurement of office furniture and equipment.
Related Article: IndiaMART Invests In B2B Marketplace ProcMart
ProcMart also allows comparison, evaluation across specific & non-standardised products, and enables businesses with quick purchase decisions. The startup is currently being rebranded as ProcMart.
Dinesh Agarwal, founder & CEO at IndiaMART.com, said, “The B2B procurement space has a lot of scope. I think I can help these businesses a lot. As an investor, I like to look at tech-oriented companies rather than execution-oriented companies.”
Agarwal founded Indiamart, a B2B platform for SMEs in 1996, which presently claims to have 1.5 Mn suppliers listed on website and around 10 Mn buyers visiting the online platform every month. Prior to this, he has invested in a medical app Curofy, crowdfunding platform Wishberry, marketing platform SilverPush, foodtech startup InnerChef and developer startup AppVirality amongst others.
According to Walmart’s report, the B2B ecommerce market opportunity in India is currently valued at $300 Bn, which is expected to expand to $700 Bn by 2020.
Earlier in December 2015, B2B marketplace Shotang raised $5 Mn (INR 33 Cr.) from Exfinity Venture Partners and Unitus Impact. Also, an online marketplace for industrial goods, Industrybuying.com, bagged an undisclosed amount in angel funding from Murugappa and TVS Families, in December 2015.It has also raised $9 Mn (INR 60 Cr.) in its Series B round from Kalaari Capital and SAIF Partners and $2 Mn from SAIF Partners alone, in September and February 2015. Besides, Bizongo, another B2B marketplace for industrial goods, raised an undisclosed amount in seed funding from Accel Partners.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.