NowPurchase Secures $8.6 Million Funding for Growth in Metal Manufacturing
NowPurchase, an AI-driven B2B platform catering to metal manufacturers, has successfully raised approximately $8.6 million (Rs 80 crore) in a funding round led by Bajaj Finserv, with contributions from Info Edge Ventures and Orios Venture Partners. This funding round also included participation from various individual investors and family offices, such as Shikhar Raj, Real Ispat Group, Madhur Gupta of Lloyds Group, VC Grid, and Kartik Hosanagar. To date, NowPurchase has accumulated about $18 million in total funding. In September 2024, the firm had previously secured $6 million through a combination of equity and debt from Info Edge Ventures. The funds will be allocated towards enhancing its scrap recycling infrastructure, broadening its branded product offerings, and fortifying its AI platform, MetalCloud.
About NowPurchase and Its Operations
Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase facilitates metal manufacturers in sourcing raw materials, including scrap, alloys, and additives, via its platform. Additionally, it operates a network of scrap processing facilities and provides a range of branded products. The AI platform, MetalCloud, empowers manufacturers to digitise and streamline their production processes by leveraging IoT and computer vision technologies.
Competitive Landscape
NowPurchase encounters direct competition from a select group of India-focused metal procurement platforms that operate within the same primary sector of raw material sourcing for manufacturers. Notable competitors include JSW One MSME, OfBusiness, and Metalbook, all of which are dedicated to constructing digital supply chains for metals and industrial raw materials.
Update at 11:30, April 1: The headline and story have been modified to accurately reflect the funding amount (in $ million).