NowPurchase, a procurement technology company for the metal fabrication industry, raised $2.4 million in a seed funding round led by Orios Venture Partners and InfoEdge Ventures. Angel investor Neeraj Arora (former WhatsApp global entrepreneur and HalloApp co-founder) also participated in the round.
The Kolkata-based company will use the new funds to expand its sourcing business by establishing a global supplier base and expanding to other parts of India. NowPurchase will also use the funds to further strengthen the technology team to develop its procurement platform and expand the offering of its manufacturing intelligence software, MetalCloud.
Naman Shah, Founder and CEO of NowPurchase, said, “Metal is the cornerstone or backbone of the physical world and will remain so for the foreseeable future. Therefore, it is essential that we are able to manufacture metal efficiently. The source and quality of raw materials have a significant impact on the efficiency of metal fabrication. NowPurchase is a one-stop sourcing platform for these raw materials, and we believe that efficient raw material sourcing can have a significant positive impact on the metal fabrication industry.
NowPurchase provides its users with a WhatsApp bot to discover prices and stocks in real time, a dedicated technical team to provide field service and quality assurance, and proprietary software-MetalCloud to optimize their manufacturing process.
Shah added, “We are extremely excited to build a strong technology layer that provides dynamic information to manufacturers to optimize their manufacturing process and suggest the right raw materials based on their final production, real-time production and supply chain situation.
Vinit Bhansali, Senior Vice President at Orios Venture Partners, said: “Digitalization of procurement is a critical step and one of the biggest gaps yet to be filled in Indian manufacturing. NowPurchase’s technology platform will be a game changer in this space. We are excited to partner with Naman to build a technology-enabled disruptor in this critical sector. »
Kitty Agarwal, Partner at InfoEdge Ventures, said, “We are very excited to partner with NowPurchase on their journey to become a cloud procurement disruptor in the metal fabrication industry. India has a strong cost advantage in the production and conversion of key metals and NowPurchase’s innovative solution ensures transparent and efficient sourcing for metal manufacturers.
The company has grown tenfold since launching its platform for foundries in September 2020. In terms of customers, it has nearly 100 foundries on the platform, 70 of which transact monthly.
The NowPurchase team consists of 35 people, with aggressive plans to grow its sales and product teams this year.
NowPurchase was founded in 2017 by Naman Shah and Aakash Shah, with an initial investment of $300,000 from Nipha Group.
Arindam Basu and Sonal Biyani of Basic Roots Consulting acted as the company’s financial advisors for this transaction.