ProcureYard, an emerging B2B commerce platform focused on raw materials procurement, has successfully raised $1.72 million in seed funding.
The investment round was led by Powerhouse Ventures, with additional backing from Java Capital, 2am VC, and notable angel investors including Abhishek Goyal, Co-founder of Tracxn, and Rajesh Sawhney, Founder of GSF.
The fresh capital will be utilized to accelerate product development and enhance working capital management. With plans to leverage its custom-designed conversational AI platform, ProcureYard aims to streamline procurement processes within the metals sector initially, before expanding to other raw material categories. This innovative approach is poised to enhance the company’s supply chain solutions and further strengthen its market presence.
ProcureYard, founded in 2023 by Anshu Kandhari, Pankaj Bisht, Somdutt Parashar, and Tushar Agarwal, is reshaping the way businesses manage procurement for construction raw materials. The platform offers a wide range of services, including sourcing and selling construction raw materials, inventory liquidation, logistics, financing options, and tailored AI-driven solutions for supply chain optimization and customer relationship management.
Operating across 20 states in India, ProcureYard has already established a strong network of over 200 suppliers, serving more than 200 small and medium-sized enterprises (SMEs). This extensive network helps facilitate seamless transactions and provides SMEs with better access to essential raw materials for their businesses.
Since its inception, ProcureYard has achieved impressive growth, boasting an annualized revenue run rate (ARR) of Rs 300 crore. The company has also reached profitability and expanded sixfold in a short period. With plans to scale further, ProcureYard is targeting an ambitious ARR of Rs 3,000 crore over the next 12 to 18 months.
One of the standout features of the platform is its multilingual voice agent, which can process customer inquiries and efficiently match them with suitable suppliers. This AI-powered assistant is a game-changer, enabling businesses to interact with the platform more intuitively and enhancing the overall user experience.
ProcureYard’s unique offering in the B2B space is its vertical AI solutions, which focus on optimizing supply chain operations and improving customer relationships. The platform’s AI-powered capabilities are designed to streamline procurement and reduce inefficiencies, offering businesses a more effective and user-friendly approach to managing their supply chains.
As part of its long-term vision, ProcureYard plans to replicate its successful AI solutions used in the metals industry to other raw material sectors. This will further expand its market reach and ensure that more businesses benefit from the platform’s advanced supply chain technology.
ProcureYard’s successful seed round is a testament to the growing demand for innovative solutions in the raw materials procurement space. With a strong leadership team, an AI-driven platform, and a rapidly expanding customer base, the company is poised for significant growth. As ProcureYard continues to enhance its platform and expand its services across various industries, it is set to become a key player in India’s B2B commerce ecosystem, empowering SMEs with smarter, more efficient procurement solutions
