NowPurchase, a SaaS-enabled marketplace for metal manufacturers, on Thursday announced that it has secured a funding of $6 million that includes both equity and debt.
The majority of the funds were raised through equity, with Info Edge Ventures leading the round, according to a statement. Other notable participants included Orios Ventures Partners, 100 Unicorns, VC Grid, as well as family offices and angel investors such as Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Warikoo, and Kedar Lele.
“Additionally, partners like Capsave Finance and UC Inclusive contributed to this round, bringing the total funding raised to date to $10 million,” the statement said.
Kolkata-based NowPurchase, founded in 2017 by Naman Shah and Aakash Shah, is a procurement solution where metal manufacturers can procure high quality raw materials like metal scrap, alloys and additives in a trusted and transparent manner.
The company said the funds raised would be allocated to various strategic initiatives, including expanding geographically into more clusters across India and launching new solutions to better serve the metal manufacturing industry. The funds will also support the creation of a network of scrap processing centers, development of private labels, and the integration of AI and MetalCloud as the foundational operating system for metal manufacturing.
Naman Shah, also CEO of NowPurchase, said, “The disorganised and fragmented nature of this sector presents a prime opportunity for disruption. We are more confident than ever about this potential and are excited to roll out our solution to metal manufacturers nationwide.”
Kitty Agarwal, Partner at Info Edge Ventures, said the fragmentation of the metal sector created a significant opportunity for companies like NowPurchase. “Their innovative solutions are leading the charge in addressing the industry’s most critical challenges. With a remarkable record of consistent year-over-year growth and a strong emphasis on effective business controls and metrics, NowPurchase showcases their capability to execute and scale successfully,” Agarwal added.
