ProcureYard, a pioneering B2B commerce platform specializing in raw materials, has successfully raised a seed funding round of $1.72 million. Leading the investment is Powerhouse Ventures, with notable participation from Java Capital, 2am VC, and prominent angel investors including Abhishek Goyal, Co-founder of Tracxn, and Rajesh Sawhney, Founder of GSF. This infusion of capital will be strategically utilized to accelerate product development and enhance working capital management.
Founded in 2023 by a visionary team comprising Anshu Kandhari, Pankaj Bisht, Somdutt Parashar, and Tushar Agarwal, ProcureYard offers a comprehensive suite of solutions catering to the diverse needs of the construction industry. These solutions encompass procurement and sales of essential raw materials, effective excess inventory liquidation, customized service offerings, streamlined logistics management, accessible financing options, and cutting-edge AI-powered solutions designed to optimize supply chains and foster robust customer relationships.
Operating across a vast network spanning 20 Indian states, ProcureYard has cultivated a strong foundation, connecting over 200 suppliers with more than 200 SMEs. The company has achieved a significant milestone, surpassing Rs 300 crore in ARR (annualized revenue run rate) while maintaining profitability and achieving a remarkable 6X growth trajectory. With this momentum, ProcureYard has set an ambitious target of reaching an impressive ARR of Rs 3,000 crore within the next 12-18 months.
A key differentiator for ProcureYard lies in its innovative approach to customer interaction. The company has launched a sophisticated multi-lingual voice agent capable of seamlessly understanding customer inquiries and effectively matching them with the most suitable suppliers. This AI-powered solution streamlines the procurement process, enhancing efficiency and customer satisfaction.
ProcureYard intends to leverage its custom-built conversational AI platform, initially developed for the metals sector, to expand its reach and address the procurement challenges faced by businesses across various raw material categories. This strategic expansion will enable the company to solidify its market position and deliver unparalleled supply chain solutions to a wider clientele.
This seed funding round marks a significant milestone for ProcureYard, providing the necessary resources to fuel its ambitious growth plans. With its innovative technology, strong leadership, and a proven track record of success, ProcureYard is poised to revolutionize the B2B commerce landscape for raw materials in India and beyond.
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