VC Fund Investments
Metal manufacturers’ marketplace NowPurchase raises $6-M led by Info Edge
Kolkata-based NowPurchase , a SaaS-powered marketplace for metal manufacturers, has raised USD 6 million in a combination of equity and debt financing, with ?Info Edge Ventures? leading the round. The round also saw participation from ?Orios Venture Partners?, 100 Unicorns, VC Grid, family offices and angel investors such as Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Warikoo, and Kedar Lele. Additionally, Capsave Finance and UC Inclusive also contributed to this round, bringing the total funding raised till date to USD 10 million. Basic Roots Consulting acted as the financial advisor for the transaction.The new funds will be used to expand into more manufacturing hubs across India and roll out new solutions for the metal industry. A portion of the investment will also go towards building a network of scrap processing centres, launching private label products, and integrating AI and MetalCloud as the backbone for metal manufacturing operations.Founded in 2017 by Naman Shah and Aakash Shah, Now Purchase offers procurement solutions for metal manufacturers to source raw materials like metal scrap, alloys, and additives.
In Nov 2021, NowPurchase had raised over USD 2.40 M from Info Edge, Orios VP, Arindam Basu, Sonal Pratik Biyani and Crimsn Holdings LLC.
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