NowPurchase, a company that procures technology for metal manufacturing industry, said it has secured $2.4 million (around Rs 17 crore) in a seed funding led by Orios Venture Partners and InfoEdge Ventures.
The round also saw participation from angel investor Neeraj Arora (former WhatsApp global business head and Co-Founder of HalloApp).
The Kolkata-based platform plans to use the fresh funds for strengthening its procurement business across India and globally. It will also use the capital to bolster its technology team and expansion of its manufacturing intelligence software MetalCloud’s offerings.
NowPurchase was set up in 2017 by Naman Shah and Aakash Shah, with an initial investment of $300,000 (around Rs 2 crore) from Nipha Group.
Initially, NowPurchase was launched as a technology platform for the industrial procurement of smaller industrial parts and within 18 months it pivoted to focus on tech-enabled, production-driven procurement for metal manufacturing companies.
The company also claimed that it has jumped ten-fold since rolling out its foundry-focused platform in September 2020.
In terms of customers, it has nearly 100 foundries on the platform, with 70 of them transacting every month.
Arindam Basu and Sonal Biyani of Basic Roots Consulting were the financial advisors to the company for this transaction.