Procol, a procurement management software, has secured funding from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital and Anchorage Capital for a total of Rs51 crore.
Procol is a procurement technology provider that helps companies streamline their manual purchasing procedures across their dispersed SME supplier base. Funds raised will be used to develop and improve procurement software and a B2B marketplace offered by Procol, helping to solve India’s procurement challenges.
Existing investors Sequoia Surge, Beenext and Blume Ventures also participated in the fundraising.
Aryaman Vir Shah of Prophetic Ventures, Deb Deep Sengupta of Mars Shot Ventures, Srinath of Zetwerks, Ashish Dave of Mirae VC, Ankush Grover of Rebel Foods, Aaryaman Vir Shah of Prophetic Ventures and Ankit Sethi of Mars Shot Ventures were among the angel investors. who participated (Fung Investments).
Procol has a supplier network of over 25,000 and was founded in 2018 by Gaurav Baheti (ex-Google, Zomato) and Sumit Mendiratta (ex-Oyo, Zomato). He works with over 70 major companies and has managed procurement spend totaling over Rs 7,500 crore.
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