NowPurchase, a SaaS-enabled marketplace for metal manufacturers has raised $6 million in equity and debt round led by Info Edge Ventures.
Other notable participants include Orios Ventures Partners, 100 Unicorns, VC Grid, as well as family offices and angel investors such as Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Warikoo, and Kedar Lele.
Additionally, partners like Capsave Finance and UC Inclusive contributed to this round, bringing the total funding raised to date to $10 million.
The funds raised will be allocated to various strategic initiatives, including expanding geographically into more clusters across India and launching new solutions to better serve the metal manufacturing industry.
Furthermore, the funds will support the creation of a network of scrap processing centers, the development of private labels, and the integration of AI and MetalCloud as the foundational operating system for metal manufacturing.
Naman Shah, Founder and CEO, NowPurchase, said, “The disorganized and fragmented nature of this sector presents a prime opportunity for disruption. We are more confident than ever about this potential and are excited to roll out our solution to metal manufacturers nationwide. With 2x year-over-year growth over the past three years, we have demonstrated the strength of our business model and the vast market potential. Our SaaS layer, MetalCloud has seen a tremendous response in the last 9 months with more than 100 factories actively using it across the country. We believe this would be a game changer and a strong MOAT as we scale.”
Aakash Shah, Co-Founder, NowPurchase added, “We’re dreaming big while staying grounded in execution. We’re thrilled about the core team we’ve assembled and are looking forward to the next phase of growth in the upcoming quarters.”
Kitty Agarwal, Partner at Info Edge Ventures, said, “The fragmentation of the metal sector creates a significant opportunity for companies like NowPurchase. Their innovative solutions are leading the charge in addressing the industry’s most critical challenges. With a remarkable record of consistent year-over-year growth and a strong emphasis on effective business controls and metrics, NowPurchase showcases their capability to execute and scale successfully.”
Rehan Yar Khan, Managing Partner, Orios Venture Partners, said, “The supply chain of the metals industry had not moved into the internet age and that is what NowPurchase set out to bring about. We were excited at the potential of the business when we met the founders and first invested a few years ago. We have seen the team execute carefully and build the business well and thus were happy to participate in this round. The story of digitizing the metals supply chain is yet in its infancy and we believe in the years to come a very large business should develop.”
NowPurchase is a procurement solution where Metal Manufacturers can procure high-quality raw materials like metal scrap, alloys and additives in a trusted & transparent manner. It also provides its users with a WhatsApp bot to discover prices and stock in real time, a team to provide on-ground service and quality assurance, and a proprietary SaaS platform MetalCloud to optimize their manufacturing process.
