Total amount raised
$5 Millions
Latest funding date
April, 2020
Location
Procol has successfully raised $6.5 million in a Series A funding round, attracting a diverse group of 22 investors. The company offers AI-powered e-procurement software solutions designed to streamline procurement processes and enhance efficiency.
Keep reading to explore the intricacies of Procol's fundraising journey and the investors backing this innovative platform.
What Is Procol?
Procol, founded in 2018 by Gaurav Baheti and Sumit Mendiratta, is headquartered in Gurgaon, Haryana, India. The company specializes in AI-powered e-procurement software solutions that streamline procurement processes, making them faster and more efficient.
Procol's enterprise SaaS solutions are designed to optimize spend management, offering products like Sourcing Pro, eAuction Pro, and Supplier Management. These tools help over 150 customers achieve significant cost savings and operational efficiency.
With a team of 101-250 employees, Procol continues to innovate in the procurement software industry, providing cutting-edge technology combined with exceptional service to its clients.
How Much Funding Has Procol Raised?
- Grant
- Amount Raised: $100,000
- Date: January 2018
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Procol's procurement software platform.
- Seed Round
- Amount Raised: $1,000,000
- Date: July 2019
- Lead Investors: Blume Ventures, Rainmatter Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch Procol's platform and services.
- Seed Round
- Amount Raised: $4,000,000
- Date: July 2020
- Lead Investors: Surge
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and further develop the platform.
- Series A
- Amount Raised: ₹430,000,000 (approximately $5,400,000)
- Date: June 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance Procol's procurement software and B2B marketplace.
- Series A
- Amount Raised: $6,500,000
- Date: September 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop Procol's procurement software and expand its customer base.
Procol has raised a total of $17,000,000. The current valuation is not publicly disclosed.
Key Investors
- Blume Ventures
- Details: Blume Ventures is an early-stage venture capital firm based in India. They focus on investing in startups that have the potential to scale rapidly.
- Investment Focus Areas: Technology, healthcare, fintech.
- Notable Investments: Unacademy, Dunzo, HealthifyMe.
- Peak XV (previously Sequoia India)
- Details: Peak XV, formerly known as Sequoia India, is a venture capital firm that invests in technology and innovation-driven companies. They are known for their extensive network and support for portfolio companies.
- Investment Focus Areas: Technology, consumer internet, healthcare.
- Notable Investments: Byju's, Zomato, OYO Rooms.
- Beenext
- Details: Beenext is a venture capital firm that invests in early-stage technology companies. They have a strong presence in Asia and focus on supporting innovative startups.
- Investment Focus Areas: Technology, e-commerce, fintech.
- Notable Investments: NoBroker, Khatabook, Trusting Social.
- GMO VenturePartners
- Details: GMO VenturePartners is a venture capital firm that invests in technology startups. They are a subsidiary of GMO Internet Group and focus on early and growth-stage investments.
- Investment Focus Areas: Technology, internet-related sectors, fintech.
- Notable Investments: Slice, LetsTransport, 8vdX.
- Rainmatter
- Details: Rainmatter is an investment initiative by Zerodha, focusing on fintech startups. They provide funding and mentorship to help startups grow.
- Investment Focus Areas: Fintech, technology, financial services.
- Notable Investments: Smallcase, Streak, Sensibull.
What's Next for Procol?
Procol stands at the cusp of significant growth opportunities, driven by the increasing digitization of procurement processes. With the Indian procurement market valued at $500 billion, Procol's AI-powered solutions are well-positioned to capture a substantial share. The recent $6.4 million funding round will enable the company to enhance its software and expand its B2B marketplace, helping enterprises streamline procurement and reduce costs.
Future fundraising opportunities appear promising as Procol continues to demonstrate strong market traction and growth. The company may attract further investment to scale its operations and technology. However, challenges such as competition from established players and the need to continuously innovate could pose hurdles. Successfully navigating these challenges will be crucial for Procol's sustained growth and potential future acquisitions.
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