NowPurchase, a marketplace focused on manufacturing materials, has successfully raised ₹80 Cr (approximately $8.5 million) in a funding round spearheaded by Bajaj Finserv. This round also included contributions from existing investors such as InfoEdge Ventures, Orios Venture Partners, and Real Ispat Group, along with individual investors and family offices like Shikhar Raj from S Four Capital and Madhur Gupta from Lloyds Group.
The company intends to utilize the new funds to enhance its core services, which include:
- Scrap recycling
- Expanding its branded product offerings
- Scaling its SaaS platform, MetalCloud
Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase provides a platform for sourcing manufacturing raw materials, including metal scrap, carbon additives, and ferro alloys.
MetalCloud, the startup's SaaS platform, assists factories in optimizing their melting processes. It offers features such as:
- Live heat data via WhatsApp
- Suggestions for addition/dilution
- A raw material pricing dashboard
Additionally, NowPurchase operates scrap processing centers aimed at facilitating the recycling of metal scrap.
To date, the startup claims to have delivered over 195,000 tonnes of raw materials to more than 200 clients and has raised a total of ₹120 Cr in equity investments.
In 2024, NowPurchase previously raised $6 million (around ₹50 Cr) in a combination of equity and debt, led by InfoEdge Ventures. Following this latest funding, the company plans to expand its operations in Tamil Nadu, which has shown significant potential for growth. They are set to establish a new scrap processing center and enhance their marketplace operations in the region.
Currently, NowPurchase operates six warehouses and two scrap processing centers, with plans to open two additional centers in Jharkhand and Tamil Nadu within the next three to six months.
