Manufacturing Marketplace NowPurchase Secures ₹80 Cr to Enhance Offerings
Manufacturing materials marketplace NowPurchase has raised ₹80 crore (approximately $8.5 million) in a funding round led by Bajaj Finserv, with contributions from existing investors InfoEdge Ventures, Orios Venture Partners, and Real Ispat Group. This infusion of capital is set to bolster NowPurchase’s core offerings, including scrap recycling, the expansion of its branded products portfolio, and the scaling of its AI-powered SaaS platform, MetalCloud.
NowPurchase’s Business Model and Offerings
Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase operates a comprehensive marketplace for procuring manufacturing raw materials such as metal scrap, carbon additives, and ferro alloys. The company also runs scrap processing centers to assist businesses in recycling metal scrap efficiently. A significant aspect of NowPurchase’s service is its SaaS platform, MetalCloud, which leverages AI to optimize the melting process in factories. This platform provides live heat data, addition and dilution suggestions, and a raw material pricing dashboard, facilitating smarter decision-making for its users.
Context and Funding Environment
The recent funding round marks a significant milestone for NowPurchase, which has now secured a total of ₹120 crore in equity investments. The startup previously raised $6 million (around ₹50 crore) in 2024, with InfoEdge Ventures leading that round. NowPurchase’s ability to attract substantial investments underscores the growing interest in technology-driven procurement solutions within India’s manufacturing sector. The presence of prominent investors like Bajaj Finserv and InfoEdge Ventures highlights the confidence in NowPurchase’s potential to innovate in the raw materials supply chain.
Implications for India’s Startup Ecosystem
NowPurchase’s expansion plans are set to impact India’s startup ecosystem, particularly in the manufacturing and raw materials sectors. By enhancing its core offerings and expanding its operations, the company is poised to play a crucial role in modernizing traditional supply chains. The focus on scrap recycling and AI-driven solutions aligns with broader industry trends towards sustainability and efficiency. As NowPurchase sets up new processing centers in Tamil Nadu and Jharkhand, it could stimulate local economies and create new opportunities for collaboration and innovation.
Looking ahead, NowPurchase’s strategic expansion, particularly in Tamil Nadu, reflects the region’s emerging prominence as a key market for manufacturing materials. The startup’s plans to establish end-to-end marketplace operations and additional scrap processing centers indicate its commitment to scaling its impact across India. As the company continues to grow, it may further influence the digital transformation of the manufacturing sector, setting a precedent for other startups in the industry.
For more information, visit NowPurchase.
