Pneucons Secures Pre-Series Funding From Ather's CEO Tarun Mehta and Others Pneucons will use the new funds to grow its team and boost cross-border transactions in engineering sectors like fire safety, pneumatics, hydraulics, and industrial automation.
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Pneucons, a B2B industrial marketplace startup, has closed its undisclosed pre-series investment round, driven entirely by social media engagement. The round also saw participation from angel investors and counts Tarun Mehta, Co-founder and CEO of Ather Energy, as an investor in his personal capacity.
The new funds will be used to expand Pneucons' team and enhance its cross-border transactions across major engineering categories, including fire safety, pneumatics and hydraulics, industrial automation, and more.
Pritesh Lakhani, Co-founder and CEO of Pneucons, said, "This funding round underscores the critical need for a transactional marketplace tailored for SMEs and MSMEs, particularly those struggling with Udhaari (credit terms) and opaque sourcing and pricing structures. Despite initial hesitations from VCs and investors regarding a cash-based, cross-border marketplace, Twitter played an instrumental role in providing us with market validation. It allowed us to share our vision, success stories, and customer feedback, which ultimately connected us with investors who believe in our mission."
"With this funding and notable investors on our cap table, we are now equipped to embark on a journey of growth and expansion, driven by our belief in our mission and the trust of our stakeholders," he added.
Founded in 2022 and based in Ahmedabad, Pneucons specialises in the MRO (Maintenance, Repairs, and Operations) sector. The company aims to address critical issues such as credit defaults (Udhaari), opaque pricing, and the availability of high-quality products for SMEs and MSMEs.
Pneucons claims to have made significant strides since its inception, with a presence in 42+ countries, 7,000 buyers, and 70 sellers acquired through word of mouth. It has executed cross-border transactions in 12+ countries and secured domestic transactions within India, including with notable entities like Indian Railways, Indian Oil, L&T Suffin, Telangana Power Plant, and ISRO.
The recent funding will support Pneucons' expansion into Europe, the Middle East, and APAC, aiming to build a global platform from India.
