B2B marketplace ProcMart raises $3M in a pre-Series B round led by Sixth Sense Ventures India

ProcMart, an IndiaMART-backed business-to-business (B2B) procurement marketplace, has raised Rs 25 crore ($3 million) in a pre-Series B funding round led by existing investor Sixth Sense Ventures India. 

The funding comes 16 months after it raised a $10 million Series A round from Sixth Sense Ventures. 

With this round of funding, Sixth Sense has become the largest external stakeholder in ProcMart, holding a 30% share. Meanwhile, Anish Popli, the founder and CEO of ProcMart, continues to hold a substantial 41.76% stake in the startup.

What is the purpose of fundraising?

Anish Popli said, “We are delighted to have Sixth Sense Ventures on board once again as we embark on the next phase of ProcMart’s journey. This investment will enable us to further expand our offerings and strengthen our presence in the market.”

The startup aims to leverage the fresh capital to expand its market presence and enhance its service offerings.

What does ProcMart do?

Founded in 2015, ProcMart offers a wide array of services, including purchase order management, contract administration, and market intelligence. The startup claims to have notable clients, including Colgate, Mondelez, and Vedanta.

It also claims to have established a strong footprint across India with 13 offices, in addition to an international presence in Malaysia. ProcMart has also diversified its offerings by launching a white-label solution for construction equipment in 2022, aiming to cater to the evolving needs of its customers.