B2B Shopping Site Earns IndiaMART Backing
B2B eCommerce platform IndiaMART has just made a significant investment in one of its peers. According to Tuesday (Jan. 5) reports by VCCircle, the India-based company has provided angel investment for ProcMart, a procurement site for businesses in need of office supplies.
ProcMart, formerly named Instaproc, secured an undisclosed amount of investment from IndiaMART Founder and CEO Dinesh Agarwal, according to reports. The platform said it will use the financial support to expand operations and add new players to its buyer-supplier network of businesses.
“The B2B procurement space has a lot of scope,” Agarwal told reporters. “I think I can help these businesses a lot.”
ProcMart connects corporate buyers and sellers by allowing buyers to post what they need and having suppliers provide quotes. According to reports, the site deals mainly in office furniture and equipment.
Agarwal added that he is eyeing companies that are technology-focused, rather than execution-focused, for investment.
This isn’t the first investment for the IndiaMART executive. Other funding has landed with crowdfunding platform Wishberry and other tech startups, including medical mobile app Curofy.
India’s B2B eCommerce space has seen significant attention in recent months, with sites like Shotang.com, Industrybuying.com and Bizongo all securing venture capital in 2015.
IndiaMART operates its own B2B eMarketplace by the name of Tolexo. The company revealed last year that it would look to surpass $1 billion worth of gross merchandise value by 2017 and reach $10 billion in transactions by the end of the decade, according to reports last April.
Source: PAYMNTS.com
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