SUMMARY
- SaaS marketplace startup NowPurchase has raised $6 million through a combination of equity and debt funding.
- It was led by Info Edge Ventures, with participation from existing investor Orios Ventures Partners among others.
- The funds will be used for the company’s expansion efforts and the development of innovative solutions.
SaaS marketplace startup NowPurchase has raised $6 million (approximately Rs 50 crore) through a combination of equity and debt funding. This round of investment was led by Info Edge Ventures, with significant participation from existing investor Orios Ventures Partners, alongside a diverse group of investors including 100 Unicorns, Venture Catalysts’ Grid, and various family offices and angel investors.
The newly raised capital is set to be used for the company’s expansion efforts and the development of innovative solutions aimed at enhancing the services provided to the metal manufacturing industry.
Founder and Chief Executive Officer, Naman Shah, has shared that the company’s expansion plans include the entry into new markets such as Punjab, Rajasthan, and Tamil Nadu, driven by the growing opportunities within the manufacturing sector. Shah also highlighted the untapped potential in the sector, noting the sector’s disorganised and fragmented nature as a significant opportunity for disruption.
Moreover, the investment will support the establishment of a network of scrap processing centers, the development of private labels, and the integration of advanced technologies such as AI and MetalCloud, which will serve as the foundational operating system for the metal manufacturing industry.
Established in 2017 by Naman and Aakash Shah, NowPurchase specializes in procuring raw materials through its scrap recycling services and Metal Cloud platform, thereby benefiting metal manufacturers. The company offers a comprehensive suite of services including a WhatsApp bot for real-time price discovery and stock availability, a dedicated team for on-ground services and quality assurance, and a proprietary SaaS platform designed to optimize the manufacturing process.
Shah has also shared that in the last three years, NowPurchase has experienced a threefold growth in its top line, with steady increases in gross margins and capital.
This investment comes at a crucial time when the government is shifting its focus towards supporting companies and startups within the manufacturing sector. The company’s success in securing this funding underscores its potential for growth and innovation in the industry.
The Kolkata-based company raised $2.4 million in a seed round in 2021 led by Orios VP, with additional support from Info Edge Ventures and other investors. With the recent infusion of capital, the company has managed to raise a total of $10 million.
Currently operating in markets across West Bengal, Jharkhand, Maharashtra, and Karnataka, NowPurchase is poised for further expansion and innovation in the SaaS marketplace.
