Procurement Management Platform Procol Raises 51 Cr in Funding

With involvement from current backers Blume Ventures, Beenext, and Sequoia Surge, procurement management software Procol has received INR 51 crore in funding from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital, and Anchorage Capital.

Gaurav Baheti (ex-Google New York, Zomato, iSPIRT, Forbes Asia 30 under 30) and Sumit Mendiratta created Procol in 2018. (ex-OYO, Zomato, VIT, Forbes Asia 30 under 30). The core team at Procol has extensive experience in technology, purchasing, the supply chain, and risk management. They have worked for both startups and established businesses.

The fastest-growing provider of procurement technology in India, Procol assists businesses in streamlining manual procurement procedures across their dispersed SME supplier base. The funds raised will be utilised to develop and improve Procol’s procurement software and B2B marketplace in order to address India’s procurement issues.

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