IndiaMART invests in ProcMART

Economic Times

MUMBAI: Online marketplace IndiaMART, that connects buyers with suppliers, invested ‘Pre Series-A Funding’ in ProcMart, a business-to-business marketplace startup with a corporate centric sourcing approach.

With this assistance from IndiaMart, ProcMart plans to invest this capital to create an all-inclusive & user-friendly technology that is quickly scalable. Furthermore, it hopes to expand its reach across all Tier-1 cities in next couple of months.

“This investment fits in to our endeavour of making business commerce as easy as consumer commerce. B2B procurement space has a lot of scope for technology enablement & through a quotation based system, ProcMart is trying to help Indian companies thrive in the digital economy,” said Dinesh Agarwal, Founder & CEO, IndiaMART.

ProcMart works with customers likes LG, Religare, and Coca Cola to fulfill all requirements.

“The world’s leading global companies are looking to the sourcing and procurement function to do a lot more than cut the price of supplies. Since we are a tech-enabled enterprise, our plan was to raise funding to upgrade our current infrastructure. We are extremely grateful that IndiaMart, one of the leading players in this industry, saw potential in our business. We are confident that this financial backup will help us in creating a highly tech-enabled company and increases our efficiency in the procurement process,” said Anish Popli, Founder & CEO, ProcMart.

ProcMart plans to maintain focus on developing a remarkable ecosystem with an extraordinary B2B network which benefits both buyers and suppliers. Currently, the company is operational in Delhi/NCR and Maharashtra.