IndiaMART Invests In B2B Marketplace ProcMart

Noida-based procurement marketplace for office products ProcMart, has raised an undisclosed amount on Pre Series A funding from IndiaMART.

ProcMart was founded in 2015 by IIM Lucknow alumnus, Anish Popli, 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.

In a market which is predominantly dominated by companies providing standardised prices to the customers, ProcMart lays its strong foundation on a quotation centric approach.

Co-founder, Saheel said, “Quotation focused approach provides ProcMart with a potential to cater full stack of buyers i.e. buyers ranging from SME’s to big corporates to MNCs. In an industry where comparison and negotiation forms the heart of sourcing, ProcMart sees itself having set foot in the right direction.”

The startup is also working closely with Fintech and logistics companies to offer innovative financing, discounting and logistics solutions in this space.

Currently ProcMart operates in NCR and Maharashtra region. In a span of 6 months it has generated close to 8000+ RFQ’s with 20000+quotations on their web platform. The average number of quotations/RFQ stands close to 2.6 with an average ticket size close to INR 55,000.

The startup would be investing the newly raised capital in creating a robust technology, which is comprehensive, user friendly and easily scalable. They would also be expanding their presence across all the Tier-1 cities in the coming few months.

Prior to this in January 2016, raised an undisclosed amount in angel funding from IndiaMART founder and CEO Dinesh Agarwal.

Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.