The funds will be used to expand into new regions and introduce new solutions to improve its services. In addition, the investment will help establish a network of scrap processing centers, develop private labels, and integrate artificial intelligence and MetalCloud as a core operating system for metal manufacturing.
“We are currently in West Bengal, Jharkhand and Maharashtra, where most of our business is coming from. We are closely looking at other industrial regions in India such as Gujarat, Punjab, Tamil Nadu and NCR,” founder and CEO Naman Shah told ET.
Founded in 2017 by Naman Shah and Aakash Shah, the Kolkata-based company offers a procurement solution for metal manufacturers to source high-quality raw materials such as scrap, alloys and additives. It also offers a WhatsApp bot for real-time pricing and stock updates, and its proprietary SaaS platform, MetalCloud, to streamline the manufacturing process.
It serves over 250 factories across the metal supply chain including corporations such as Titagarh Rail Systems Limited, Brakes India and others.
It last raised $2.4 million in a funding round led by Orios Ventures Partners and InfoEdge Ventures.
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Commenting on the investment, Kitty Agarwal, Partner at Info Edge Ventures said, “The fragmentation of the metals sector creates a significant opportunity for companies like NowPurchase. Their innovative solutions are leading the charge to address the industry’s most critical challenges. “We were excited about the potential of the business when we met the founders and first invested a few years ago. We have seen the team execute carefully and grow the business well, so we were happy to participate in this round. The story of digitization of the metals supply chain is still in its early days and we believe that a very large business should develop over the next few years,” said Rehan Yar Khan, Managing Partner at Orios Venture Partners.
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