NowPurchase: AI-Enabled B2B Platform for Metal Manufacturers Secures Funding

NowPurchase, a B2B platform powered by AI for metal producers, has acquired around $9.6 million (Rs 80 crore) in a funding round led by Bajaj Finserv. This round included contributions from Info Edge Ventures, Orios Venture Partners, and several individual investors and family offices, such as Shikhar Raj, Real Ispat Group, Madhur Gupta of Lloyds Group, VC Grid, and Kartik Hosanagar. With this funding, NowPurchase has achieved a total funding of approximately $18 million to date. In September 2024, the company had earlier secured $6 million through a combination of equity and debt from Info Edge Ventures.

Use of Funds for Growth

The funds will be directed towards expanding the company’s scrap recycling infrastructure, enhancing its branded product offerings, and further developing its AI platform, MetalCloud.

Company Overview

Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase facilitates metal manufacturers in obtaining raw materials like scrap, alloys, and additives via its platform. The company also runs a network of scrap processing centres and provides branded products. Its AI platform, MetalCloud, assists manufacturers in digitising and optimising their production processes using IoT and computer vision technologies.

Competitive Landscape

NowPurchase competes directly with a small number of India-centric metal procurement platforms that operate within the same core area of raw material sourcing for manufacturers. Notable competitors include JSW One MSME, OfBusiness, and Metalbook, which are all focused on developing digital supply chains for metals and industrial raw materials.