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IndiaMART invests invests more capital in Truckhall via convertible debentures
Photo Credit: VCCircle

IndiaMART Intermesh Ltd, one of India’s largest business-to-business (B2B) marketplaces, has invested another Rs 7.5 crore in Truckhall (SuperProcure), in which the company already holds over 25% stake, through convertible debentures.

As a part of the transaction, Tradezeal Online Pvt Ltd, a wholly-owned subsidiary of IndiaMART, will be purchasing compulsorily convertible debentures (CCDs) of Truckhall, the company said in a stock exchange notification on Tuesday.

With this funding, IndiaMART has invested nearly Rs 18 crore in Truckhall, a software-as-a-service (SaaS)-based platform that digitizes freight sourcing by finding the best possible rates through a bidding and auction structure.

The unified platform offers full and real-time visibility to all events across the entire dispatch cycle, from indenting to delivery, via alerts, dashboards and reports, which improves collaboration and the control tower that makes on the spot decision making easier.

“SuperProcure is an integrated logistics platform for end-to-end digitalization, automation and collaboration across stakeholders to achieve efficiency, visibility and resilience across logistics processes. It empowers the logistics team to optimize freight cost and service customers better,” said Anup Agarwal, Chief Executive Officer and Co-Founder of SuperProcure.

IndiaMART led the seed round of SuperProcure in April 2021 with an investment of Rs 9.68 crore as primary capital into the company, and had purchased existing investor securities worth Rs 1.33 crore via a secondary share purchase.

“Last year we led the seed investment round into SuperProcure based on our confidence in the team’s expertise and ability to develop a unified SaaS product which allows enterprises to bring all stakeholders on one platform, and manage all parts of their logistics operations,” said Dinesh Agarwal, Founder and Chief Executive Officer, IndiaMART.

“Since then, the team has validated the product, and marquee enterprise customers across industries are now relying on the platform to reduce freight costs and improve supply chain efficiencies,” Agarwal added.

IndiaMART has been actively investing in startups since its listing in 2019. In this fiscal year 2021-22 alone, the B2B marketplace has invested over $100 million across nine companies, VCCircle had reported in February.

One of the deals included a 100% acquisition of accounting software company Busy Infotech Pvt Ltd for Rs 500 crore in its biggest deal so far. 
At 1 pm on Tuesday, IndiaMART's stock was up over 1% at Rs 4,920.15 a piece on the National Stock Exchange.

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