NowPurchase Secures $6 Million in Funding

by Kay Aloha Villamor in September 20th, 2024

NowPurchase, a Kolkata, India-based SaaS-enabled marketplace for metal manufacturers, has secured $6 million in funding, bringing its total funding to $10 million. 

Investors 

The round was led by Info Edge Ventures, with participation from Orios Venture Partners, 100 Unicorns, VC Grid, and notable angel investors including Dholakia Ventures and Ankur Warikoo. 

Info Edge Ventures is an early-stage VC fund backed by InfoEdge and Temasek. Based in Gurgaon, India, the firm prefers to invest in early to growth-stage companies operating in the consumer tech, fintech, deep tech, e-commerce, and agritech sectors.  

NowPurchase Use of Funds 

The company will use the funds to support strategic initiatives such as geographic expansion across India, the development of a network of scrap processing centers, and enhancements to its proprietary SaaS platform, MetalCloud. 

About NowPurchase 

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, including metal scrap, alloys, and additives. It also provides a WhatsApp bot for real-time price and stock updates, as well as its proprietary SaaS platform, MetalCloud, to streamline the manufacturing process. NowPurchase serves over 250 factories across the metal supply chain, including companies like Titagarh Rail Systems and Brakes India. 

Funding Details 

Company: NowPurchase 

Raised: $6.0M 

Round: Unknown 

Funding Date: September 2024 

Lead Investor: Info Edge Ventures 

Additional Investors: Orios Venture Partners, 100 Unicorns, VC Grid, Dholakia Ventures, Ankur Warikoo 

Company Website: https://nowpurchase.com/  

Software Category: Procurement Solutions 

Source: https://nowpurchase.com/NowPurchase-raises-USD-6-million-in-funding-led-by-Infoedge-Ventures

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