Procurement management startup Procol raises $6.4 Mn

Procurement management software startup Procol has secured $6.4 million or Rs 51 crore co-led by GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital, and Anchorage Capital.

The round also witnessed participation of existing investors Blume Ventures, Beenext, Sequoia Surge, and angel investors like Kunal Shah, Mars Shot Ventures, Deb Deep Sengupta, Srinath, Ashish Dave, Ankush Grover, Aaryaman Vir Shah, and Ankit Sethi.

The proceeds will be deployed to build and enhance solutions to ease procurement woes through Procol’s procurement software and business to business marketplace, the company said in a press release.

Entrackr had exclusively reported about this round in June. As per Fintrackr’s estimates, Procol is valued at around $75 million.

Founded by Gaurab Baheti and Sumit Mendiratta in 2018, Procol is a procurement technology company to streamline manual procurement processes for SMEs. It gets rid of brokers from the procurement chain and brings buyers, sellers, brokers and traders under its ecosystem. Havells, Cremica, Zetwerk, BlinkIt, Emami and 70 others are leveraging a network of 25,000 suppliers present on Procol’s B2B marketplace platform.

Previously, the company had raised around $4 million from Sequoia’s Surge, Singapore-based Beenext and Blume Ventures in July 2020. Entrackr was first to report the development. It has raised close to $12 million to date including a $1 million seed round in 2019 and $100K grant from Y Combinator in 2018. Zerodha’s Rainmatter also took part in the seed round.

While Procol is yet to disclose its FY22 financial numbers, the five-year-old company posted operating revenue of Rs 57 lakh in FY21. The company’s losses soared 3.6X to Rs 2.6 crore, according to Procol’s annual financial statement.

About Procol

Procol is an intelligent and the most user-friendly procurement software ever made. Founded in 2018, Procol’s solutions have been securely deployed at many $1B+ global companies helping procurement teams reduce costs, digitize procurements, improve compliance by replacing emails and excel workflows with the world’s most easy-to-use and secure e-sourcing platform. Procol is rated 4.9/5 ⭐️ by leading enterprises on G2 and has been featured by Forbes. We’re a team of ex-Google New York, Zomato, OYO engineers and product folks who’ve worked at high-impact, growth companies and believe that we’re on the journey of building one. Backed by investors like Blume Ventures, Sequoia Surge, Beenext, and Rainmatter.

When was Procol founded?

Procol was founded in 2018.

Who is the founder of Procol?

Gaurav Baheti founder and Sumit Mendiratta co founded Procol, a startup that helps food companies make purchases from suppliers who bid for their business in a live online auction. It has raised $1 million from Blume Ventures and Bangalore-based startup incubator Rainmatter Capital. Procol lists big-name clients including billionaire Kishore Biyani’s retail venture Big Bazaar and sweet-and-savory snack chain Bikanervala.

Is Procol hiring?

Procol is hiring for multiple positions like Marketing Internship in Delhi, Gurgaon at Procol, Talent Acquisition Internship in Gurgaon at Procol, Sales Operations Specialist, Software Engineer, and Credit Officer/Credit Analyst.

What is the team size of Procol?

As per the popular social media site LinkedIn, Procol has 98 employees.

Where is the head office of Procol?

Procol is a Computer Software company and has headquarters in Delhi, Delhi, India.

How much is the revenue of Procol?

In barely five months of operations in FY19, the company recorded an operating revenue of Rs 39.14 lakhs and earned a net profit of Rs 11.33 lakhs. Notably, Rs 34 lakh of the income was generated through services provided to related party entity Future Consumer Limited.

Procol | Professional office and technical working environmen

Procol appears to be a fascinating startup that is encouraging new development on software development platforms. I know that the team worked incredibly hard on it. I wish them great success in the future!

Shishir Gupta, Founder and CEO, StartupLanes

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