NowPurchase Secures $6 Million Funding for Metal Manufacturing SaaS in India

NowPurchase, a SaaS-enabled marketplace catering to the metal manufacturing industry in India, has secured a significant funding round of USD 6 million. The funding, a combination of equity and debt, was led by Info Edge Ventures.

Equity Funding for NowPurchase

The majority of the funding came from equity, with prominent investors including:

• Orios Venture Partners
• 100 Unicorns
• VC Grid
• Dholakia Ventures
• Real Ispat Group
• Subhrakant Panda
• Ankur Warikoo
• Kedar Lele

Debt Funding for NowPurchase

The debt financing portion of the round was provided by Capsave Finance and UC Inclusive. With this round, NowPurchase's total funding now stands at USD 10 million.

NowPurchase's Plans for Funding

NowPurchase plans to utilize the fresh capital for several strategic initiatives:

• Expand Geographically Across India: This investment will enable NowPurchase to expand its reach to metal manufacturers across various regions in India, enhancing its market penetration.
• Introduce Innovative Solutions: NowPurchase plans to develop and introduce new solutions for the metal manufacturing industry, further solidifying its position as a leading innovator in the sector.
• Build a Network of Scrap Processing Centers: As a key player in the scrap recycling space, NowPurchase will expand its network of scrap processing centers to streamline its operations and enhance its raw material sourcing capabilities.
• Develop Private Labels: To further enhance its value proposition, NowPurchase plans to develop private labels, offering a wider range of products and services to its customers.
• Integrate AI-Powered Features: NowPurchase aims to integrate AI-powered features into its proprietary MetalCloud platform, automating processes and enhancing efficiency for metal manufacturers.

NowPurchase's MetalCloud Platform

NowPurchase's proprietary MetalCloud platform serves as the central operating system for metal manufacturers in India. It streamlines the metal production and melting processes, improving transparency and efficiency for over 250 factories. These factories include major names like Titagarh Rail Systems Limited and Brakes India.

NowPurchase's Focus on Scrap Recycling in India

NowPurchase facilitates procurement of raw materials through scrap recycling. The company offers real-time pricing and stock updates through a WhatsApp bot, ensuring transparency and convenience for its customers. On-ground service teams provide quality assurance, further enhancing customer satisfaction.

NowPurchase's Vision for the Metal Manufacturing Industry in India

NowPurchase recognizes the disorganized and fragmented nature of the metal manufacturing sector in India. The company aims to disrupt this traditional model by providing a centralized platform for manufacturers, simplifying procurement, and enhancing efficiency. This approach has yielded impressive results, with NowPurchase experiencing year-over-year growth of 2x in the past three years.

NowPurchase's Commitment to Innovation

NowPurchase's SaaS layer, MetalCloud, has gained significant traction in the past nine months, with over 100 factories actively utilizing it across India. This platform is poised to be a game-changer in the industry, providing a strong competitive advantage for NowPurchase as it scales its operations.

Financial Advisors for NowPurchase

Basic Roots Consulting served as the financial advisors for NowPurchase's recent funding round.