Raw Materials Marketplace NowPurchase Bags ₹80 Cr To Expand Product Portfolio
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Manufacturing materials marketplace NowPurchase has secured ₹80 Cr (about $8.5 Mn) in a funding round led by Bajaj Finserv. The round also saw participation from its existing backers InfoEdge Ventures, Orios Venture Partners and Real Ispat Group, and individual investors and family offices including S Four Capital partner Shikhar Raj, Lloyds Group promoter and director Madhur Gupta, among others.
The startup plans to use the fresh capital to strengthen its core offerings like scrap recycling, expanding its branded products portfolio and scaling its AI-powered SaaS platform, MetalCloud.
Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase operates a marketplace for procuring manufacturing raw materials like metal scrap, carbon additives, ferro alloys, among others.
The startup’s SaaS platform MetalCloud uses AI to help factories with their melting process by providing suggestions on optimising melting and enabling smarter decision making. The startup claims it provides live heat data on WhatsApp, addition/ dilution suggestions, raw material pricing dashboard, and more.
NowPurchase also runs scrap processing centres to help companies recycle metal scrap.
The startup claims that it has delivered over 1.95 Lakh tonnes of raw materials to more than 200 clients. It also claims to have secured investments worth ₹120 Cr in equity till date.
It last raised $6 Mn (around ₹50 Cr) in a mix of equity and debt in 2024 in a round led by InfoEdge Ventures.
“With the last raise, we doubled down on Maharashtra, where we opened up a scrap recycling unit near Pune. We also started micro-centres in Punjab, Gujarat and Tamil Nadu back then. Post the current round, we are planning expansion in Tamil Nadu, given that it has emerged as the most promising market for us. We are setting up our own scrap processing centre, as well as setting up end-to-end marketplace operations,” founder and CEO Naman told Inc42.
Currently, NowPurchase operates six warehouses and two scrap processing centers. “We are looking to set up two more in Jharkhand and Tamil Nadu in the next three to six months,” he added.
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