SaaS-Enabled Marketplace NowPurchase Raises USD 6 Mn to Scale MetalCloud Platform and Expand Across India The round was led by Info Edge Ventures, with participation from Orios, 100 Unicorns, VC Grid, family offices like Dholakia Ventures, Real Ispat, and angel investors Subhrakant Panda, Ankur Warikoo, and Kedar Lele.
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NowPurchase, a SaaS-enabled marketplace serving metal manufacturers, has announced the raising of USD 6 million in a combination of equity and debt funding, led by Info Edge Ventures.
The majority of the funds came through equity, with notable participation from Orios Venture Partners, 100 Unicorns, VC Grid, Dholakia Ventures, Real Ispat Group, and prominent investors like Subhrakant Panda, Ankur Warikoo, and Kedar Lele.
Debt financing was provided by Capsave Finance and UC Inclusive. With this round, NowPurchase's total funding now stands at USD 10 million.
The company plans to use the new capital to expand geographically across India, introduce innovative solutions for the metal manufacturing industry, and build a network of scrap processing centers. Other initiatives include developing private labels and integrating AI-powered features within its proprietary MetalCloud platform, which serves as the core operating system for metal manufacturers.
Founded in 2017 by Ankan Adhikari, Naman Shah and Aakash Shah, NowPurchase facilitates procurement of raw materials via scrap recycling and its MetalCloud platform.
The company also offers real-time pricing and stock updates through a WhatsApp bot, along with on-ground service teams for quality assurance.
The MetalCloud platform streamlines the metal production and melting processes, improving transparency and efficiency for over 250 factories, including major names like Titagarh Rail Systems Limited and Brakes India.
Naman Shah, Founder and CEO, NowPurchase, said, "The disorganised and fragmented nature of this sector presents a prime opportunity for disruption. We are more confident than ever about this potential and are excited to roll out our solution to metal manufacturers nationwide. With 2x year-over-year growth over the past three years, we have demonstrated the strength of our business model and the vast market potential."
"Our SaaS layer, MetalCloud, has seen a tremendous response in the last 9 months, with more than 100 factories actively using it across the country. We believe this would be a game changer and a strong MOAT as we scale," Shah added.
Basic Roots Consulting acted as the financial advisors for this deal.
