A promising B2B commerce platform for raw materials - ProcureYard - has successfully raised a seed round funding of USD 1.72 million led by Powerhouse Ventures. Also to note, the saw participation from the likes of Java Capital, 2am VC, and other well known angels such as Abhishek Goyal, Co-founder, Tracxn and Rajesh Sawhney, Founder, GSF.
This funding would be utilized to drive product development and manage working capital. Furthermore, ProcureYard plans to use its custom-built conversational AI platform in metals and replicate it to other raw materials. Additionally, the company also aims to expand its market reach with their supply chain solutions.
The company was established back in 2023 by Anshu Kandhari, Pankaj Bisht, Somdutt Parashar, and Tushar Agarwal, wherein, it is known in the market to offer a suite of solutions, which include procurement and sale of construction raw materials, excess inventory liquidation, customization services, logistics management, financing options, and vertical AI solutions for customer relationship management and supply chain optimization.
ProcureYard is currently operating across 20 states, and claims to have garnered a network of over 200 suppliers and successfully serving more than 200 SMEs in India.
In addition to this, the company also claims to have reached an important milestone of INR 300 crore in ARR (annualized revenue run rate) and has turned profitable. It is said to be growing 6X and aims to touch an ARR of Rs 3,000 crore in the next 12 – 18 months. Recently, the firm has also launched a multi-lingual voice agent that promptly understands customer enquiries and matches them with the right set of suppliers.
