2 weeks Ago
NowPurchase , a software as a service (SaaS)-enabled marketplace for metal manufacturers , has raised $6 million in a funding round consisting of a mix of equity and debt, led by Info Edge Ventures . The round also saw participation from Orios Ventures Partners, 100 Unicorns, VC Grid, as well as family offices and angel investors. The funds will be used for expanding into new regions and introducing new solutions to enhance its services.
Additionally, the investment will help in establishing a network of scrap processing centers, developing private labels, and integrating AI and MetalCloud as the core operating system for metal manufacturing. “So, we are currently in West Bengal, Jharkhand, and Maharashtra, where the majority of our business comes from. We are closely looking at other industrial regions of India, such as Gujarat, Punjab, Tamil Nadu, and NCR," founder and chief executive Naman Shah told ET.
Founded in 2017 by Naman Shah and Aakash Shah, the Kolkata-based company offers a procurement solution for metal manufacturers to source high-quality raw materials such as metal scrap, alloys, and additives. It also provides a WhatsApp bot for real-time price and stock updates, and its proprietary SaaS platform, MetalCloud, to streamline the manufacturing process. It serves over 250 factories across the metal supply chain, including corporations like Titagarh Rail Systems Limited, Brakes India and others.
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Their innovative solutions are leading the charge in addressing the industry's most critical challenges.” “We were excited at the potential of the business when we met the founders and first invested a few years ago. We have seen the team execute carefully and build the business well and thus were happy to participate in this round.
The story of digitising the metals supply chain is yet in its infancy and we believe in the years to come a very large business should develop,” said Rehan Yar Khan, managing partner, Orios Venture Partners..
