ProcureYard, a Gurugram and Bengaluru-based B2B commerce platform for raw materials, has raised a seed round of $1.72 million led by Powerhouse Ventures. The round also saw participation from Java Capital, 2am VC, and angels such as Abhishek Goyal, Co-founder, Tracxn, and Rajesh Sawhney, Founder, GSF.
Founded in 2023 by Anshu Kandhari, Pankaj Bisht, Somdutt Parashar, and Tushar Agarwal, the company also reached ₹300 crore in annualised revenue run rate. A media statement said 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 its market presence with its supply chain solutions.
Redefining digital transformation
ProcureYard has built a smart procurement platform for EPC contractors to interact, understand their own data and digitise their supply chain. It has also launched a multilingual voice agent that understands customer enquiries and matches them with the right set of suppliers, it said.
Quoting Sri Peddu, General Partner, Powerhouse Ventures, the statement said 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,” Peddu said.
Anshu Kandhari, Co-founder and CEO, ProcureYard, said, “Since our seed funding, we’ve achieved over 6x growth and reached profitability while targeting a $1-plus 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.”
