Gurugram-based procurement startup Procol Tech Pvt. Ltd on Tuesday said it has secured Series A funding of Rs 51 crore ($6 million) from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital and Anchorage Capital. Existing investors Blume Ventures, Beenext and Sequoia Surge also participated in the round.
The round also saw contribution from angel investors like Kunal Shah (Cred founder), Mars Shot Ventures (Razorpay Founders) and Deb Deep Sengupta (former SAP India managing director), among others.
Founded by Gaurav Baheti and Sumit Mendiratta in 2018, Procol is a platform that helps enterprises streamline their manual procurement processes across their fragmented SME supplier base. It has clients as Dalmia Bharat, Havells, Mrs Bectors, Emami, Zetwerk and Tata BigBasket.
The startup plans to use the fresh funds to build and boost solutions in solving procurement problems through its software and business-to-business (B2B) marketplace.
Procol has gone from managing procurement worth Rs 70 crore to Rs 7,000 crore in 2 years. We believe that Indian businesses will grow multifold in the coming decade,” said Baheti.
“Procol has the solution to solve the long-lasting pain in India's $500 billion procurement market”, said Ryu Muramatsu, director & founding partner of GMO Venture Partners.
GMO Venture Partners is an early and growth stage investment subsidiary of GMO Internet Group. It had invested in startups like Slice, LetsTransport and 8vdX, among others.
In 2019, Procol raised $1 million in a seed funding round led by VC firm Blume Ventures and Rainmatter Capital.