Procurement platform closing secondary sale at premium valuation

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March 31

India’s Beroe closes $5m secondary sale at premium valuation

Chennai-based procurement intelligence platform Beroe is closing a secondary share sale worth about $5 million, according to people familiar with the matter. The company has also told its investors it’s targeting an IPO by 2029.

The proposed transaction values Beroe at around $450 million (3,750 crore rupees), marking a premium over its last primary fundraise in 2025, when it secured $34 million (300 crore rupees) at a valuation of $360 million (3,000 crore rupees).

The move comes at a time when several Indian startup secondaries are being executed at discounts to prior rounds, making Beroe’s premium ask notable, investors say.

Founded in 2006 by Vel Dhinagaravel, the company provides procurement and supply chain intelligence tools to help Fortune 500 enterprises like Amazon, Tesco, Coca-Cola, Google, Rolls-Royce, Intel, Gap, and IBM make better sourcing decisions. Beroe’s platform covers over 3,000 procurement categories across 15 industries with a total of 873 paying customers. It also offers insights into market dynamics, supplier risks, pricing benchmarks, and cost structures.

The company’s flagship product, Beroe Live, operates on a subscription model and contributes about 95% of its revenue. Geographically, about 90% of its revenue comes from North America and Europe, with limited exposure to India. It has also made acquisitions such as UK-based Forestreet.ai and negotiation platform Nnamu.

In an internal note to investors, Beroe said its revenue rose from about $26 million (213 crore rupees) in FY22 to $50 million (412 crore rupees) in FY25. The number is projected to reach around $63 million (522 crore rupees) in FY26, driven largely by subscription income.

Sources say the company has already booked a majority of its FY26 revenue. In India, the financial year ends on March 31.

Beroe is also profitable, with EBITDA estimated at around $25 million (211 crore rupees) for FY26.

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