SaaS startup NowPurchase raises $6 million in funding round

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 Info Edge, the owner of Naukri.Com.

The SaaS marketplace, which focuses on metal manufacturers, has raised the fund in a mix of debt and equity with a major portion of the fund 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 said in a statement.

Orios Venture Partners, 100 Unicorns, VC Grid, along with family offices and angel investors, including Dholakia Ventures, Real Ispat Group, Subhrakant Panda, Ankur Warikoo, and Kedar Lele, participated in the funding round. Capsave Finance and UC Inclusive also took part.

"The funds raised will be allocated to various strategic initiatives, including expanding geographically into more clusters across India and launching new solutions to better serve the metal manufacturing industry," the statement said.

With the completion of this round, the company has raised a total of USD 10 million till date.

"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," said Naman Shah, NowPurchase, Founder & CEO.