NowPurchase Raises $6M to Expand SaaS Marketplace for Metal Manufacturers

Kolkata-based NowPurchase, a SaaS-enabled marketplace for metal manufacturers, has raised $6 million in a funding round led by existing investor Info Edge Ventures. The round, a mix of equity and debt, saw participation from Orios Venture Partners, 100 Unicorns, and VC Grid, alongside family offices and angel investors.

Plans for Expansion and Innovation

NowPurchase plans to use the funds to expand into new markets, introduce new solutions, and establish a network of scrap processing centers. The company is also focused on developing private labels and integrating AI and its proprietary SaaS platform, MetalCloud, to streamline operations for metal manufacturers. Currently, the company operates primarily in West Bengal, Jharkhand, and Maharashtra, with plans to enter key industrial regions such as Gujarat, Punjab, Tamil Nadu, and NCR.

“We see a tremendous opportunity to scale our solutions in other industrial regions. Our goal is to bring innovation to the metal supply chain by leveraging AI and MetalCloud,” said Naman Shah, founder and CEO of NowPurchase.

Digitizing the Metal Supply Chain

Founded in 2017 by Naman and Aakash Shah, NowPurchase offers procurement solutions for metal manufacturers to source materials like metal scrap, alloys, and additives. The platform serves over 250 factories across the metal supply chain, including clients like Titagarh Rail Systems and Brakes India. Its WhatsApp bot provides real-time price and stock updates, while MetalCloud streamlines the entire procurement process.

Kitty Agarwal, partner at Info Edge Ventures, commented, “The metal sector’s fragmentation presents a massive opportunity for companies like NowPurchase. Their innovative solutions are addressing some of the industry's most critical challenges.”

With a proven track record of growth, the company is positioning itself to capitalize on the untapped potential in the metals industry. "The story of digitizing the metals supply chain is still in its infancy," said Rehan Yar Khan, managing partner at Orios Venture, "We believe in its long-term potential to create a very large business."