Procurement Management Software Startup Procol Raises Rs 51 Crore Funding
Procol, a procurement management software startup, has raised Rs 51 crore in funding from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital, and Anchorage Capital.
Existing investors Blume Ventures, Beenext, and Sequoia Surge, as well as angels, including Kunal Shah (CRED founder), Deb Deep Sengupta (former SAP India MD), Mars Shot Ventures (Razorpay founders), Srinath Ramakkrushnan (Zetwerks Founder), and Ankush Grover (Rebel Foods CEO), also participated in the funding round.
As per the startup, the raised capital will be used to build and enhance solutions to solve India’s procurement problems through Procol’s procurement software and B2B marketplace.
Procol | Next Generation Procurement
Founded by Gaurav Baheti and Sumit Mendiratta in 2018, Procol offers advanced procurement software that is flexible, user-friendly, cost-effective, enterprise-grade secure, and can be deployed in under 7 days to optimise procurement management.
The startup strives to streamline the procurement process with sourcing and purchasing workflows.
Speaking about the development, Gaurav Baheti, Founder and CEO of Procol, said,
“Going from managing Rs 70 crore to Rs 7000 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.”
Its connected ecosystem of enterprise buyers and SMB sellers aims to improve transparency and traceability and ultimately deliver cost savings. As per the startup, the Procol software can help cut procurement costs up to 10%.
The startup has managed over Rs 7,500 crore of procurement spends. Procol works with over 70 large enterprises and has a supplier network of over 25,000. Its marquee clients include Mrs Bectors, Emami, Dalmia Bharat, Havells, Zetwerk, and Tata BigBasket.