Procurement management software Procol has raised ₹51 crore in funding from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital and Anchorage Capital.
The round saw participation from existing investors Blume Ventures, Beenext, Sequoia Surge. Angels who participated are Kunal Shah (CRED founder), Mars Shot Ventures (Razorpay Founders), Deb Deep Sengupta (former SAP India MD), Srinath (Zetwerks Founder), and others.
The capital raised will be used to build and enhance solutions to solve India’s procurement problems through Procol’s procurement software and B2B marketplace. Procol is a procurement technology company that helps enterprises streamline their manual procurement processes across their fragmented SME supplier base.
Gaurav Baheti, Founder and CEO of Procol, said, “Going from managing ₹70 crore to ₹7,000 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.”
The software can help cut procurement costs by up to 10 per cent. With a supplier network of over 25,000, it has managed Rs 7,500+ cr of procurement spends and works with over 70 large enterprises, said the company. Procol works with clients including Dalmia Bharat, Havells, Mrs Bectors, Emami, Zetwerk, and Tata BigBasket.
“With a great team and great product, Procol has the solution to solve the long-lasting pain in India’s $500 billion procurement market. It is our honor to be part of the journey,” said Ryu Muramatsu, Director & Founding Partner of GMO VenturePartners.