ProcureYard Secures $1.72 Million in Seed Funding
ProcureYard, a business-to-business (B2B) platform specialising in raw materials, has successfully completed a seed funding round, raising $1.72 million. The funding was spearheaded by Powerhouse Ventures, with additional support from Java Capital, 2am VC, as well as prominent investors including Abhishek Goyal, a co-founder of Tracxn, and Rajesh Sawhney, founder of GSF.
The capital will primarily be allocated towards product development and enhancing working capital management. ProcureYard intends to leverage its bespoke conversational AI technology within the metals sector and eventually extend its application to other raw materials. The company is focused on expanding its market influence through innovative supply chain solutions.
Founded in 2023 by Anshu Kandhari, Pankaj Bisht, Somdutt Parashar, and Tushar Agarwal, ProcureYard offers a comprehensive range of services, which include:
- Procurement and sale of construction raw materials
- Excess inventory liquidation
- Personalisation services
- Logistics management
- Financing options
- Vertical AI solutions for supply chain optimisation and customer relationship management
Active across 20 states, ProcureYard boasts a network of over 200 suppliers catering to more than 200 small and medium-sized enterprises (SMEs) throughout India.
The company has recently achieved a significant milestone, reporting an annualised revenue run rate (ARR) of Rs 300 crore and has achieved profitability while expanding at a rate of 6X. Looking ahead, ProcureYard aims to reach an ARR of Rs 3,000 crore within the next 12 to 18 months.
Additionally, the firm has introduced a multilingual voice agent that comprehends customer queries and efficiently connects them with appropriate suppliers.