B2B marketplace NowPurchase picks up $2.4 million in funding led by Orios, others

New Delhi: NowPurchase, a procurement technology company for the metal manufacturing industry, said it has raised $2.4 million in a funding round led by Orios and InfoEdge Ventures.

Angel investor Neeraj Arora (former WhatsApp global business head and cofounder HalloApp) also participated in the round.

The Kolkata-based company said it will use the funds towards expanding its procurement business by establishing a global supplier base and expanding into other parts of India.

The company said in a prepared statement on Tuesday that the fresh funds will also be used to further strengthen the technology team.


Naman Shah, founder and CEO, NowPurchase, said, "Metal is the primary building block or backbone of the physical world and will remain so in the foreseeable future. As a result, it is critical that we are able to manufacture metal efficiently.” He added, "We will be using the funds to expand our imports of raw materials from across the globe. In comparison to countries in Europe and the Middle East, this space in India is unorganized. We intend to leverage technology to harness the potential currently lost in this disaggregated market."

NowPurchase was founded in 2017 by Naman Shah and Aakash Shah, with an initial investment of $300,000 from Nipha Group.

It provides its users with a WhatsApp bot to discover prices and stock in real time, a team to provide on-ground service and quality assurance, and a proprietary software-MetalCloud to optimize their manufacturing process.