Supply chain startup Procol raised $6.4 million in Series A from GMO VenturePartners, Alarko Ventures, Esas Ventures, FounderBank Capital, Anchorage Capital and existing investors–Blume Ventures, Beenext, Sequoia Surge with angel investors–Kunal Shah from CRED, Razorpay founders, Deb Deep Sengupta from SAP India, Srinath from Zetwerks, Ashish Dave from Mirae VC, Ankush Grover from Rebel Foods, Aaryaman Vir Shah from Prophetic Ventures and Ankit Sethi from Fung Investments also participated.
Procol is a procurement software startup that helps manufacturing companies digitise their procurement processes. The capital raised will be used to build and strengthen Procol’s procurement software as well as its B2B marketplace. It assists manufacturers in streamlining their procurement processes across their SME supplier base. According to Statista, the Indian supply chain market, which was valued at $250 billion in fiscal year 2021, is expected to grow to $380 billion by 2025. During the period 2021-25, the sector is expected to grow at a CAGR of 10-12%.