Procol is a procurement technology company that helps companies streamline their manual procurement processes across their fragmented small and medium enterprise (SME) supplier base. The capital raised will help create and improve solutions to India’s procurement challenges through Procol’s procurement software and B2B marketplace.
The funding round also saw participation from existing investors Blume Ventures, Beenext and Sequoia Surge. Angels who participated included Kunal Shah (Founder of Cred), Mars Shot Ventures, Deb Deep Sengupta (Former Managing Director of SAP India), Srinath (Founder of Zetwerks), Ashish Dave (Mirae VC), Ankush Grover (CEO of Rebel Foods), Aaryaman Vir Shah (Prophetic Ventures) and Ankit Sethi (Fung Investments).
Founded in 2018 by Gaurav Baheti (ex-Google, Zomato) and Sumit Mendiratta (ex-Oyo, Zomato), Procol has a supplier network of over 25,000. sourcing and working with over 70 major companies.
Commenting on the development, Baheti said, “Going from managing Rs 70 crore to supplying Rs 7,000 crore in two years, our journey at Procol has only just begun. We humbly believe that Indian businesses will experience multiple growth over the next decade and our teams at Procol are dedicated to the mission to do so.
“With a great team and product, Procol has the solution to solve the lingering problems in India’s $500 billion supply market. It is our honor to be part of the journey,” added Ryu Muramatsu, Director and Founding Partner of GMO VenturePartners.
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The Indian market for the supply of goods and services amounts to 500 billion dollars.