Procurement management software startup Procol raises Rs 51Cr in funding

Gurugram-based procurement management software startup Procol has raised Rs 51 crore (or about $6.4 million) in a funding round led by GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital, and Anchorage Capital. 

The round also saw participation from existing investors Blume Ventures, Beenext, and Sequoia Surge.

Angels who participated included Kunal Shah (Cred founder), Mars Shot Ventures, Deb Deep Sengupta (former SAP India MD), Srinath (Zetwerks founder), Ashish Dave (Mirae VC), Ankush Grover (Rebel Foods CEO), Aaryaman Vir Shah (Prophetic Ventures), and Ankit Sethi (Fung Investments).

Founded in 2018 by Gaurav Baheti (ex-Google New York, Zomato, iSPIRT, Forbes Asia 30 under 30) and Sumit Mendiratta (ex-OYO, Zomato, VIT, Forbes Asia 30 under 30), The startup helps enterprises streamline their annual procurement processes across their fragmented small and medium enterprises (SME) supplier base.

With this round of funding, Procol aims to build and enhance solutions for India’s procurement problems through Procol’s procurement software and B2B marketplace.

With Procol's platform, Enterprises can create sourcing events, discover and manage vendors, and build visibility in their supply chain on web and mobile apps. Its connected ecosystem of enterprise buyers and SMB sellers aims to improve transparency and traceability and ultimately deliver cost savings.

The platform claims to have a supplier network of over 25,000 and has managed more than Rs 7,500 crore of procurement spends. Currently, it works with over 70 large enterprises, including Dalmia Bharat, Havells, Mrs Bectors, Emami, Zetwerk, and Tata BigBasket.

“Going from managing Rs 70 crore to Rs 7000 crore of procurement in two years, our journey at Procol is just getting started. We humbly believe that Indian businesses will grow multifold in the coming decade and our teams at Procol are dedicated to the mission to do so," said Gaurav Baheti.

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