Founded in 2018 by Gaurav Baheti (ex-Google, Zomato) and Sumit Mendiratta (ex-Oyo, Zomato), Procol has a supplier network of over 25,000. It has managed more than Rs 7,500 crore of procurement spending and works with over 70 large enterprises.
Procurement management software Procol has raised Rs 51 crore in funding from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital, and Anchorage Capital.
Procol is a procurement technology company that helps enterprises streamline their manual procurement processes across their fragmented small and medium enterprises (SME) supplier base. The capital raised will build and enhance solutions for India’s procurement problems through Procol’s procurement software and B2B marketplace.
The funding round also saw participation from existing investors Blume Ventures, Beenext, and Sequoia Surge. Angels who participated included Kunal Shah (Cred founder), Mars Shot Ventures, Deb Deep Sengupta (former SAP India MD), Srinath (Zetwerks founder), Ashish Dave (Mirae VC), Ankush Grover (Rebel Foods CEO), Aaryaman Vir Shah (Prophetic Ventures), and Ankit Sethi (Fung Investments).
Founded in 2018 by Gaurav Baheti (ex-Google, Zomato) and Sumit Mendiratta (ex-Oyo, Zomato), Procol has a supplier network of over 25,000. It has managed more than Rs 7,500 crore of procurement spending and works with over 70 large enterprises.
India’s market for procurement of goods and services stands at $500 billion.
