ProcMart raises USD 10 mn in funding round led by Sixth Sense Ventures
B2B e-commerce firm ProcMart on Monday said it has raised USD 10 million, about Rs 82 crore in a funding round led by Sixth Sense Ventures.
The latest Series A funding round will be deployed towards international expansion, strengthening vendor partnerships and upgrading technological and warehousing capabilities, the company said in a statement. Noida-based ProcMart plans to achieve Rs 1,000 crore revenue in next three years and is planning to expand in Vietnam, Australia and Dubai in the coming months.
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“This financing will be crucial to increasing our geographic reach, forming effective vendor alliances, and improving our technological and warehousing capabilities. “Sixth Sense has a strong track record of partnering with Business-to-business (B2B) enablers and helping them scale leveraging their ecosystem connect. We are excited to have them partner with us as we embark upon the next leg of growth,” ProcMart Founder and CEO, Anish Popli said.
Founded in 2015, ProcMart is an enterprise-focused MRO (Maintenance, repair, and overhaul) aggregator with a tech-enabled digital platform. “ProcMart aligns well with our thesis of betting on first-generation founders, creating disruptive businesses in the high potential MRO category in India. The Indian market is relatively nascent but poised for massive disruption given the strong manufacturing potential and growing focus on organising non-core spends.
“We see ProcMart as a great opportunity to leverage this disruption in the otherwise unorganised and fragmented MRO industry in India,” Sixth Sense Ventures, Founder and CEO, Nikhil Vora said. MRO is estimated to be a USD 650 billion industry globally with growth outpacing that of the manufacturing sector. While the US and Europe are the largest markets at USD 300 billion with multi- billion-dollar MRO aggregators, India is still a nascent market at USD 18 billion, the statement said.
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