NowPurchase Secures $6 Million in Funding Led by Info Edge Ventures

Kolkata-based B2B commerce startup, NowPurchase, has successfully raised $6 million in a funding round led by Info Edge Ventures. The funding, which includes a mix of equity and debt, will be used to expand the company’s operations into new regions and enhance its service offerings. Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase provides a SaaS-enabled marketplace for metal manufacturers, offering procurement solutions and serving over 250 factories across the metal supply chain.

Strategic Expansion and Market Penetration

NowPurchase plans to utilize the newly raised funds to broaden its geographical footprint. The company aims to establish a stronger presence in key industrial regions such as Gujarat, Punjab, Tamil Nadu, and the National Capital Region (NCR). This strategic expansion is expected to significantly increase the company’s market penetration and enhance its service delivery to metal manufacturers.

The company’s proprietary SaaS platform, MetalCloud, plays a crucial role in its operations. MetalCloud streamlines the procurement process for metal manufacturers, providing real-time price and stock updates through a WhatsApp bot. This innovative approach has been well-received, with over 100 factories actively using the platform.

Info Edge Ventures, the lead investor in this funding round, has expressed confidence in NowPurchase’s business model and growth potential. The investment is expected to support the company’s expansion plans and drive further innovation in the metal manufacturing sector.

Enhancing Service Offerings and Technological Integration

NowPurchase is committed to enhancing its service offerings to better meet the needs of its clients. The company plans to use a portion of the funds to develop private label products and set up a network of scrap processing centres. These initiatives are aimed at providing more comprehensive solutions to metal manufacturers and improving the overall efficiency of the supply chain.

The integration of artificial intelligence (AI) into NowPurchase’s operations is another key focus area. The company plans to leverage AI to enhance the capabilities of its MetalCloud platform, making it even more effective in streamlining the procurement process. This technological integration is expected to provide a significant competitive advantage and drive further growth.

The company’s emphasis on technological innovation and service enhancement has positioned it as a leader in the metal manufacturing sector. By continuously improving its offerings, NowPurchase aims to provide even better value to its clients and maintain its competitive edge.

Impact on the Metal Manufacturing Industry

The metal manufacturing industry in India is highly fragmented, presenting significant opportunities for companies like NowPurchase. The recent funding round is expected to have a substantial impact on the industry by setting new standards for service quality and efficiency.

With the additional funds, NowPurchase plans to introduce new solutions that address the critical challenges faced by metal manufacturers. The company’s focus on providing high-quality, pre-screened raw materials and additives is likely to attract more clients and drive growth in the sector.

NowPurchase’s success also underscores the importance of digital transformation in traditional industries. By leveraging technology to streamline operations and improve service delivery, the company is setting a benchmark for others in the industry to follow. This digital-first approach is expected to drive further innovation and growth in the metal manufacturing sector.