New Delhi, April 1 -- AI-enabled B2B procurement platform NowPurchase has raised Rs 80 crore ($8.5 million) in a Series B funding round led by Bajaj Finserv, with participation from existing investors InfoEdge Ventures and Orios Venture Partners.
The round also saw participation from family offices and individual investors, including Shikhar Raj, Real Ispat Group, Madhur Gupta of Lloyds Group, VC Grid, and Professor Kartik Hosanagar.
With this, NowPurchase has raised about Rs 120 crore in total equity funding to date. Earlier, it secured around Rs 17 crore in seed funding led by Orios Venture Partners and InfoEdge Ventures. In September 2024, the company raised Rs 50 crore in equity and debt from Info Edge Ventures, 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.
The company will use the fresh capital to scale its AI platform MetalCloud, expand its scrap recycling infrastructure, and grow its portfolio of branded products, while strengthening its presence in India and overseas markets.
Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase operates a digital marketplace for metal manufacturers to procure raw materials such as scrap, alloys, and additives. Its platform also integrates production optimization tools through MetalCloud, which uses IoT and computer vision to improve shop-floor efficiency.
"This investment will accelerate our investment in R&D capabilities and scrap recycling infrastructure to drive innovation and create meaningful value for our customers," said Naman Shah, founder and chief executive officer of NowPurchase. "Backed by a strong pan-India presence and an expanding global footprint, NowPurchase is well-positioned to double down on its core operations and continue scaling with strong unit economics."
Speaking on the same, Aakash Shah, co-founder of NowPurchase, said, "This funding will fast-track the growth of MetalCloud, our AI-powered platform built to digitize and optimize production in metal manufacturing. We believe AI can fundamentally transform shop-floor operations, and MetalCloud is positioned to lead that shift."
Girish Jhunjhunwala, fund manager for PE and VC investments at Bajaj Alternates, said, "This investment reflects our conviction in using technology to drive efficiency, innovation, and resilience across procurement, finance, and the company's supply chain."
Published by HT Digital Content Services with permission from VC Circle.