, a SaaS-powered marketplace for metal manufacturers, has raised $6 million in a combination of equity and debt financing, with leading the round.
, 100 Unicorns, VC Grid, alongside family offices and angel investors like Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Warikoo, and Kedar Lele also participated in the round.
The newly raised funds will be allocated to fuel key growth initiatives, such as expanding into more manufacturing hubs across India and rolling out new solutions for the metal industry.
Additionally, partners like Capsave Finance and UC Inclusive also contributed to this round, bringing the total funding raised till date to $10 million.
“The disorganised 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,” said Naman Shah, Founder and CEO, NowPurchase.
“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,” he added.
The company in a statement also said that a portion of the investment will also go towards building a network of scrap processing centres, launching private label products, and integrating AI and MetalCloud as the backbone for metal manufacturing operations.
Founded in 2017 by Naman Shah and Aakash Shah, Now Purchase offers procurement solutions for metal manufacturers to source raw materials like metal scrap, alloys, and additives.
The Kolkata-based firm offers a WhatsApp bot for real-time price and stock updates, an on-ground support team for service and quality assurance, and a MetalCloud, a proprietary SaaS platform to streamline their manufacturing process.
“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,” said Kitty Agarwal, Partner at Info Edge Ventures.
Basic Roots Consulting acted as the financial advisor for this transaction.
