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- Round led by Powerhouse Ventures with participation from Java Capital, 2am VC, Abhishek Goyal, Co founder Tracxn and Rajesh Sawhney, Founder, GSF
- Company has achieved an ARR of Rs. 300 crore and has turned profitable within 18 months of operations
- The Company aims to clock Rs. 3,000 crore in ARR in the next 12 – 18 months
- Funds raised have been deployed for working capital management and product development
- ProcureYard, a cutting-edge B2B commerce platform, offers a revolutionary solution to simplify raw material procurement for construction, manufacturing and infra businesses in India
Gurugram, 20th Jan 2025: ProcureYard, a Gurugram and Bengaluru based B2B commerce platform for raw material, founded in 2023 by Anshu Kandhari, Pankaj Bisht, Somdutt Parashar, and Tushar Agarwal has raised a seed round of $1.72 million led by Powerhouse Ventures. The round also saw participation from Java Capital, 2am VC, well known angels Abhishek Goyal, Co-founder, Tracxn and Rajesh Sawhney, Founder, GSF.
The Company has also reached an important milestone of Rs. 300 crore in ARR (Annualised Revenue RunRate) and has turned profitable while growing 6X. ARR is the revenue level reached by a company after 12 months.
The capital raised will be strategically directed towards product development and working capital management. ProcureYard plans to leverage its custom-built conversational AI platform which drove success in metals and replicate it to other raw materials. The Company plans to increase their market presence with their supply chain solutions.
ProcureYard has built a smart procurement platform for EPC contractors to interact, understand their own data and digitize their supply chain. The Company has also launched a multi-lingual voice agent that understands customer enquiries and matches them with the right set of suppliers.
Sri Peddu, General Partner, Powerhouse Ventures, states, “Procureyard is redefining the digital transformation of a traditional, fragmented sector with its vertical AI approach. This is a massive industry plagued by supply chain inefficiencies, and the time is ripe for streamlining procurement processes and delivering unparalleled value to SMEs. Their ability to achieve profitability so early in their journey, coupled with their rapid growth, is a clear indicator of their strong execution capabilities and market demand. With their innovative AI agents already solving critical inefficiencies, we are thrilled to support ProcureYard as they expand into new verticals. The team’s vision and focus on profitability set them apart in a competitive market, and we believe they are well-positioned to become a market leader in this space.”
Anshu Kandhari, Co-founder & CEO, ProcureYard, says “At Procureyard, we’re using technology to revolutionize even the most traditional industries. Our AI agents, designed with deep expertise, deliver unparalleled solutions—helping SMEs find the right suppliers, negotiate deals, forecast finances, and extract actionable insights, all without complex tools. Globally, no one offers vertical AI solutions like ours in B2B raw material procurement, and it’s thrilling to witness the transformative impact on our customers and the industry.”
He further added, “Since our seed funding, we’ve achieved over 6x growth and reached profitability while targeting a $1+ trillion untapped market. As we prepare for Series A, we’re doubling down on scaling our reach, advancing AI solutions for underwriting, lending, and risk mitigation, and continuing to redefine possibilities in this sector.
Operating across 20+ states, ProcureYard has built a robust network of over 200 suppliers serving more than 200 SMEs in India. The company aims to touch an ARR of Rs. 3,000 crore in the next 12 – 18 months.
ProcureYard is a one stop shop for all supply chain needs for construction, manufacturing and infrastructure companies. The company offers a comprehensive suite of solutions, including procurement and sale of construction raw materials, excess inventory liquidation, customization services, logistics management, financing options, and cutting-edge vertical AI solutions for supply chain optimization and customer relationship management.
