Procol, which is a procurement startup based out of Delhi, has now secured $1 Million in the funding round of seed funding from the early-stage investor which includes the Rainmatter Capital and Blume Ventures.
The funds secured will now going to help the company to scale its procurement platform and start deploying some other applications around it.
“The opportunity case for Procol emerges from India’s inefficient food supply chain system, itself built on the back of India’s fragmented agriculture market, struggling with limited use of technology, several additional layers of intermediaries and non-standardised/non-graded products,” the startup said in a statement. Its auction platform has helped our existing customers, such as Bikanervala see dramatic cost benefits. We are building on this success by adding related optimization tools and intelligence to make this a full-stack procurement suite,” Gaurav Baheti, co-founder of Procol said.
The company helps the retail food companies that reduce their procurement and related supply chain costs with the networked procurement platform, market rates, collaboration, a single place for live auctions and intelligent commodity insights which helps the business to save a huge amount of time and costs.