Sequoia’s Surge, Beenext join $6.4m round of Indian procurement platform

Procol, an India-based procurement platform, has raised 510 million rupees (around US$6.4 million) in a new round of funding from GMO Venture Partners, Blume Ventures, Beenext, and Sequoia’s Surge, among others.

Procol’s co-founders Gaurav Baheti (left) and Sumit Mendiratta / Photo credit: Procol

Founded in 2018, Procol is a B2B platform that helps companies procure stock. Its services include supplier management, contract management, and price auctions, among others.

There are more than 70 enterprises and 25,000 suppliers on Procol’s platform, which has facilitated over 75 billion rupees (around US$947.5 million) in transactions to date. It counts prominent firms such as BigBasket, Dalmia Bharat, and Zetwerk as its users.

Procol plans to use the fresh funding for product development. It was established by former TableHero product designer Gaurav Baheti and ex-Oyo developer Sumit Mendiratta.

See also: A list of India’s unicorns and their early investors

Other investors in the funding round include:

• Alarko Ventures
• Esas Ventures
• FounderBank Capital
• Anchorage Capital
• Kunal Shah, founder of Cred
• Mars Shot Ventures
• Deb Deep Sengupta, former managing director of SAP India
• Srinath, founder of Zetwerks
• Ashish Dave, CEO of Mirae Asset Venture Investments India
• Ankush Grover, chief executive of Rebel Foods
• Aaryaman Vir Shah, founder of Prophetic Ventures
• Ankit Sethi, COO for Southeast Asia at Fung Investments