New Delhi: NowPurchase, a software-as-a-service (SaaS) marketplace, on Thursday said it has raised USD 6 million (about Rs 51 crore) in a funding round led by Naukri.com owner Info Edge.
The SaaS marketplace, which focuses on metal manufacturers, has raised funds from a mix of debt and equity, with a major portion of the funds coming from equity investments.
"NowPurchase... has raised $6 million in funding, comprising both equity and debt. The majority of the funds were raised through equity, with Info Edge Ventures being the lead," the company said in a statement.
Orios Venture Partners, along with family offices and angel investors including 100 Unicorns, VC Grid, Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Wariku and Kedar Lele, participated in the funding round. Capsave Finance and UC Inclusive also participated.
"The funds raised will be allocated towards various strategic initiatives, including expanding geographically into more clusters across India and launching new solutions to better serve the metals manufacturing industry," the statement said.
With the completion of this round, the company has raised a total of US$10 million to date.
“With 2X growth year-on-year over the last three years, we have demonstrated the strength of our business model and huge market potential. Our SaaS layer, MetalCloud, has seen a tremendous response in the last 9 months with over 100 “Factories across the country are actively using it,” said Naman Shah, founder and CEO of NowPurchase.
The SaaS marketplace, which focuses on metal manufacturers, has raised funds from a mix of debt and equity, with a major portion of the funds coming from equity investments.
"NowPurchase... has raised $6 million in funding, comprising both equity and debt. The majority of the funds were raised through equity, with Info Edge Ventures being the lead," the company said in a statement.
Orios Venture Partners, along with family offices and angel investors including 100 Unicorns, VC Grid, Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Wariku and Kedar Lele, participated in the funding round. Capsave Finance and UC Inclusive also participated.
"The funds raised will be allocated towards various strategic initiatives, including expanding geographically into more clusters across India and launching new solutions to better serve the metals manufacturing industry," the statement said.
With the completion of this round, the company has raised a total of US$10 million to date.
“With 2X growth year-on-year over the last three years, we have demonstrated the strength of our business model and huge market potential. Our SaaS layer, MetalCloud, has seen a tremendous response in the last 9 months with over 100 “Factories across the country are actively using it,” said Naman Shah, founder and CEO of NowPurchase.