NowPurchase is a SaaS-based procurement platform for metal infrastructure. The startup has raised USD 6 million from Info Edge Ventures in its equity and debt funding round. The funding round was participated by several investors including Orios Ventures Partners, VC Grid, 100 Unicorns and angel investors like Ankur Warikoo, Real Ispat Group and Kedar Lele, reported Entrackr. UC Inclusive and Capsave Finance also participated in this funding round.
The company plans to use these fresh proceeds to scale its operations, launch new solutions for the metal manufacturing sector, expand its services, and develop its market presence. The software startup offers a range of products including electrical, power tools, and industrial bearings. Now Purchase procures raw materials to benefit metal manufacturers through its Metal Cloud platform and recycling services.
The company intends to use part of the fresh funds to network its scrap processing centres and launch private labels. The SaaS firm aims to help the metal manufacturing industry using artificial intelligence and Metacloud. The startup has raised around USD 2.69 million across multiple funding rounds since its inception, including $2.4 million raised during a seed funding round from Orios Venture Partners.
The company uses advanced technologies to provide WhatsApp bots to provide users with detailed prices and stocks in real-time. The Now Purchase team also provides on-ground services and quality assurance. The SaaS platform optimizes the metal manufacturing process.
This investment will enable the startup to improve its platform capability and introduce new solutions. The cutting-edge technology enhances personalized feeds and leverages the unique strengths of the manufacturing process. The MetaCloud platform acts as an operating system to improve efficiency and transparency in the metal production and melting process.
The startup claims to have served over 250 factories in the metal supply chain, including major players like Brakes India and Titagarh Rail Systems. Prior to this round, the company was valued at $10 million. The startup will use part of this investment to expand its resources, advance its technologies, innovate its services, and improve its platform to provide the best procurement solutions.
This funding will enable the startup to provide software solutions globally. This development comes just after the growing interest of investors in the metal procurement ecosystem. The company is facing competition from companies like OfBusiness and MetalBook.
conclusion :
SaaS startup NowPurchase has secured USD 6 million in its ongoing equity and debt funding round from Info Edge Ventures with participation from VC Grid, 100 Unicorns, and other angel investors. The startup intends to use the fresh capital to scale its operations, expand its offerings, private label development, launch new services, and develop its presence in the market.
The company procures raw materials through scrap recycling services. The MetaCloud SaaS platform serves as a foundational operating system for metal manufacturing. The platform allows metal manufacturers to increase the transparency and efficiency of metal melting and production processes. The startup competes with other platforms in the same market segment, including OfBusiness.
