ProcureYard, a B2B commerce platform for uncooked materials procurement, has raised $1.72 million in its seed funding spherical, led by Powerhouse Ventures. The spherical additionally noticed participation from Java Capital, 2am VC, and distinguished angels like Abhishek Goyal (co-founder of Tracxn) and Rajesh Sawhney (founding father of GSF), in accordance with an official assertion.
“The funds raised can be directed towards working capital administration and enhancing product improvement,” the corporate mentioned including that it plans to develop its AI-powered platform that has already pushed success within the metals sector to different uncooked supplies, enhancing its provide chain options and increasing market presence.
ProcureYard’s custom-built conversational AI helps EPC contractors digitise their provide chains and work together seamlessly with suppliers. It additionally presents a multilingual voice agent to help clients to find the correct suppliers primarily based on their wants.
Sri Peddu, normal associate at Powerhouse Ventures, praised the corporate for its revolutionary method to remodeling a conventional, fragmented business. He highlighted the corporate’s robust execution, speedy development, and its means to attain profitability early on.
Anshu Kandhari, co-founder & CEO, ProcureYard, mentioned, “At Procureyard, we’re utilizing know-how to revolutionise even probably the most conventional industries. Our AI brokers, designed with deep experience, ship unparalleled options—serving to SMEs discover the correct suppliers, negotiate offers, forecast funds, and extract actionable insights, all with out advanced instrument.”
“Since our seed funding, we’ve achieved over 6x development and reached profitability whereas concentrating on a $1+ trillion untapped market. As we put together for Collection A, we’re doubling down on scaling our attain, advancing AI options for underwriting, lending, and danger mitigation, and persevering with to redefine potentialities on this sector,” Kandhari added.
About ProcureYard
Working throughout over 20 states, ProcureYard has already constructed a powerful community of greater than 200 suppliers and serves over 200 SMEs in India. With its complete suite of options, together with procurement, logistics administration, financing choices, and AI-driven provide chain optimization, the corporate is well-positioned to steer the cost in reworking the business.
Based in 2023 by Anshu Kandhari, Pankaj Bisht, Somdutt Parashar, and Tushar Agarwal, ProcureYard is a technology-driven platform revolutionising the B2B provide chains within the development business.
The corporate claims to attain an annualized income run fee (ARR) of Rs 300 crore and turning worthwhile inside simply 18 months of operation. With its eyes set on bold development, ProcureYard goals to succeed in Rs 3,000 crore in ARR over the subsequent 12 to 18 months.
