VC Fund Investments
B2B agro commodities marketplace Procol raises $5.5 M from Surge, Blume, others
Gurugram-based B2B agricultural commodities buying platform Procol has raised INR 43 crore (USD 5.5 million). Existing backers Surge Ventures, Blume Ventures have invested INR 7.75 crore each while Beenext participated with INR 6.19 crore. A clutch of new investors such as GMO Fintech and Vistra ITCL (which acts as a trustee for several different fund houses) has invested INR 7.75 crore and INR 2.5 crore respectively. More than a dozen investors including MarsShot Ventures, an early-stage focused fund set up by Razorpay executives, have put in the remaining amount. Previously, the company had raised around USD 4 million from Sequoia's Surge, Beenext and Blume Ventures in July 2020. It has raised close to USD 11 million to date including USD 1 million seed round in 2019 and USD 100,000 grant from Y Combinator in 2018. Zerodha-promoted Rainmatter Capital also took part in the seed round. Procol is a mobile-based all-in-one procurement software for agricultural material. The company weeds out brokers and brings buyers, sellers, and traders under its ecosystem. It claims clients such as Bigbasket, Cremica, BlinkIt and Emami who leverage a network of 25,000 suppliers on Procol's platform.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
