IndiaMART founder invests in B2B marketplace ProcMart

Co plans to use the funds to enhance its existing application by introducing new features, launch of mobile platform and towards market penetration

Noida-based B2B (business-to-business) marketplace, ProcMart, has raised an undisclosed amount in an angel round of funding from entrepreneur-turned-investor and IndiaMART founder and chief executive Dinesh Agarwal.
 
Started in April 2015 by Anish Popli, an alumnus of IIM-Lucknow and founder of Quexa Systems, and Saheel Joshi, an alumnus of Great Lakes Institute, Chennai, who was earlier associated with Deloitte as a consultant, ProcMart is an intelligent business procurement marketplace that connects buyers and sellers through an application.
 
ProcMart said in a statement that it was aiming to bring down the turnaround time per transaction in the B2B space to one day. The company plans to utilise the funds raised to enhance its existing application by introducing new features, launch a mobile-based platform and towards market penetration, it added.
 
"The B2B procurement space has a lot of scope. As an investor, I like to look at tech-oriented companies rather than execution-oriented companies," Dinesh Agarwal said in the press release.