ProcMart is an intelligent business procurement marketplace that connects buyers and sellers through an application
ProcMart, a quotation-based B2B marketplace with a corporate centric sourcing approach, has secured an undisclosed sum in pre-Series A round of funding from IndiaMART, a leading B2B e-commerce company in India.
ProcMart will invest the money in creating a comprehensive, user-friendly and easily scalable technology. It will also be expand its presence across all the Tier-1 cities in the coming few months.
In January this year, IndiaMART Founder and CEO Dinesh Agarwal had invested an undisclosed amount in ProcMart.
Also Read: B2B marketplace IndiaMART raises Series C from Amadeus, others
Started in April 2015 by Anish Popli, Pratik Potnis and Saheel Joshi, ProcMart is an intelligent business procurement marketplace that connects buyers and sellers through an application. At present, the company operates in NCR and Maharashtra regions. It is already working closely with customers such as LG, Religare, Harman International and Coca-Cola to fulfil their requirements.
In a span of just six months, ProcMart claims to have generated close to 8,000 requests for quotation (RFQs) with over 20,000 quotations on its platform.
“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,” said Popli, CEO of ProcMart.
According to him, companies and their buying personnel today are looking for systems which can be ‘trusted adviser’, providing fresh insights and intelligence into the supplier data, streamlining the procurement to optimise the cost and time and consequently enabling stakeholders to assess the impact of procurement on the bottom line of the firm.
“Our web platform ensures improved decision support, and also enables data management and specialised work flow for our customers. We also plan to launch a technology-based negotiating agent which we believe will be a remarkable feature to our platform and a game changer in the e-commerce industry,” said Potnis.
“Quotation-focused approach provides ProcMart with a potential to cater full stack of buyers i.e. buyers ranging from SMEs 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. ProcMart is also working closely with fintech and logistics companies to offer innovative financing, discounting and logistics solutions in this space,” said Joshi.
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