Procol raises Rs 51 crore in funding

14 Sep 2022 , 11:08 AM

Procol, a software program for managing purchases, has secured financing from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital, and Anchorage Capital totaling Rs51 crore.

Procol is a provider of procurement technology that aids businesses in streamlining their manual purchasing procedures across their dispersed SME supplier base. The funds raised will be used to develop and improve procurement software and a B2B marketplace offered by Procol, helping to solve India’s procurement issues.

Existing investors Sequoia Surge, Beenext, and Blume Ventures also took part in the fundraising round. 

Aryaman Vir Shah of Prophetic Ventures, Deb Deep Sengupta of Mars Shot Ventures, Srinath of Zetwerks, Ashish Dave of Mirae VC, Ankush Grover of Rebel Foods, Aaryaman Vir Shah of Prophetic Ventures, and Ankit Sethi of Mars Shot Ventures was among the angel investors that took part (Fung Investments).

Procol has a supplier network of over 25,000 and was founded in 2018 by Gaurav Baheti (ex-Google, Zomato) and Sumit Mendiratta (ex-Oyo, Zomato). It works with more than 70 large businesses and has managed procurement expenditures totaling more than Rs7,500 crore.

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