B2B e-commerce firm ProcMart has raised $10 million, about Rs 82 crore in a funding round led by Sixth Sense Ventures. The latest Series A funding round will be deployed towards international expansion, strengthening vendor partnerships, and upgrading technology and warehousing capabilities, the company said in a statement.
Noida-based ProcMart plans to achieve Rs 1,000 crore in revenue in the next three years and is planning to expand in Vietnam, Australia, and Dubai in the coming months.
Anish Popli, Founder and CEO, ProcMart said, "This financing will be crucial to increasing our geographic reach, forming effective vendor alliances, and improving our technological and warehousing capabilities. Sixth Sense has a strong track record of partnering with Business-to-business (B2B) enablers and helping them scale by leveraging their ecosystem connect. We are excited to have them, partner, with us as we embark upon the next leg of growth."
Founded in 2015, ProcMart is an enterprise-focused MRO (Maintenance, repair, and overhaul) aggregator with a tech-enabled digital platform.
Nikhil Vora, Founder, and CEO, Sixth Sense Ventures stated, "ProcMart aligns well with our thesis of betting on first-generation founders, creating disruptive businesses in the high potential MRO category in India. The Indian market is relatively nascent but poised for massive disruption gave the strong manufacturing potential and growing focus on organizing non-core spends. We see ProcMart as a great opportunity to leverage this disruption in the otherwise unorganized and fragmented MRO industry in India."
MRO is estimated to be a $650 billion industry globally with growth outpacing that of the manufacturing sector. While the US and Europe are the largest markets at $300 billion with multi-billion-dollar MRO aggregators, India is still a nascent market at $18 billion, the statement said.