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Procurement Management Platform Procol Raises INR 51 Cr in Funding

  • Software helps cut procurement costs upto 10%
  • Works with a supplier network of 25,000+ for 70+ large enterprises
  • Targeting a $500B goods procurement market in India
Procurement management software Procol has INR 51cr in funding from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital, Anchorage Capital with 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), Ashish Dave (Mirae VC), Ankush Grover (Rebel Foods CEO), Aaryaman Vir Shah (Prophetic Ventures), Ankit Sethi (Fung Investments) etc.

Procol is India’s fastest-growing procurement technology company helping enterprises streamline their manual procurement processes across their fragmented SME supplier base. 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.

Procurement teams buy goods and services worth lakhs of crores in India but it all runs manually on phone calls and emails. Procol’s solutions streamline procurement processes with sourcing and purchasing workflows. The platform helps organizations to unlock industry-leading efficiency with amazing ROI. Enterprises can create sourcing events, discover and manage vendors and build deep visibility in their supply chain on easy-to-use web and mobile apps. Procol’s connected ecosystem of enterprise buyers and SMB sellers improves transparency, traceability, and ultimately delivers cost savings.

The software can help cut procurement costs upto 10%. With a supplier network of over 25,000 it has managed INR 7,500+ cr of procurement spends and works with over 70 large enterprises. Procol works with marquee clients including Dalmia Bharat, Havells, Mrs Bectors, Emami, Zetwerk, Tata BigBasket.

L-R  Gaurav Baheti, Sumit Mendiratta
(L-R)  Gaurav Baheti and Sumit Mendiratta

Procol was founded in 2018 by Gaurav Baheti (ex-Google New York, Zomato, iSPIRT, Forbes Asia 30 under 30) and Sumit Mendiratta (ex-OYO, Zomato, VIT, Forbes Asia 30 under 30). The core team at Procol comes with rich experience in technology, procurement, supply chain and risk – coming from startups and large companies.

Gaurav Baheti, Founder and CEO of Procol, said, “Going from managing INR 70 Cr to 7000 Cr of procurement in 2 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.”

“With a great team and great product, Procol has the solution to solve the long-lasting pain in India’s $500 BN procurement market. It is our honor to be part of the journey”, added Ryu Muramatsu, Director & Founding Partner of GMO VenturePartners.

The market for procurement of goods and services in India is $500B.



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