NowPurchase Raises $6 Million to Boost Metal Manufacturing Solutions

NowPurchase, a SaaS marketplace, has raised $6 million in a funding round led by Info Edge. The funds, majorly from equity, will be used for geographic expansion and new solutions for the metal manufacturing industry. The company has raised a total of $10 million and shown significant growth over the past three years.

On Thursday, NowPurchase, a software-as-a-service (SaaS) marketplace, announced that it has secured $6 million in a funding round led by Info Edge, the owner of Naukri.com.

The SaaS platform, which targets metal manufacturers, received the funds as a mix of debt and equity, with a significant portion coming from equity investments.

'NowPurchase... has secured a funding of $6 million that includes both equity and debt. The majority of the funds were raised through equity, with Info Edge Ventures leading the round,' the company confirmed in a statement.

Orios Venture Partners, 100 Unicorns, VC Grid, and additional family offices and angel investors including Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Warikoo, and Kedar Lele, also participated. Capsave Finance and UC Inclusive contributed as well.

The newly raised funds will be dedicated to a variety of strategic initiatives, such as expanding into additional clusters across India and launching new solutions to better serve the metal manufacturing industry,' according to the statement.

With this round's completion, the company has now raised a total of $10 million.

'With 2 times 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,' stated Naman Shah, NowPurchase's Founder & CEO.

(With inputs from agencies.)