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I am reading Entrepreneur India, an international franchise of Entrepreneur Media.
The vague separation of the term “indirect” can vary from business to business. In this context, with a mission to provide manufacturing companies with a digital ecosystem for indirect procurement by providing them with a seamless experience of B2B ordering, vendor integration and inventory, ProcMart has stepped in, giving new meaning to the aforementioned moniker. optimization, and tax compliance.
Company materials
When the company was founded, its primary focus was on indirect sourcing, or procurement of goods and services that support the company’s operations. Often up to 10-18% of purchases and not typically governed by a single functional unit.
“We tried to address issues related to high operating and logistical costs, unorganized supply chains, and a lack of quality assurance and oversight in this area. It was difficult to track, so with a diverse team of skilled individuals, we began to design and gradually implement this strength in the industry,” said Anish Popuri, Founder and CEO of ProcMart. I’m here.
The CEO further added: .”
Claiming the first days of the company’s exciting founding journey, Anish said that the company was able to take off in 2015, a year that proved to be the most important transition period for several Indian markets. The CEO said: Market shortcomings such as unorganized B2B transactions and lack of technical involvement. “
He added:
Each sector of the business field has its own set of demands and challenges. Encountering and conquering every obstacle that arises is what sets a good business apart from its opponents. However, according to ProcMart, working in his B2B sector in India has been a challenge as the ecosystem consists of tedious, time-consuming offline communication and cash flow issues. The B2B sector is heavily dominated by his MSMEs, who have set the industry standard for a period of time, making it very difficult for large companies to enter the market and rationalize.
“A few years ago, there was a shortage of wholesalers and retailers who could offer the right catalog and the right pricing in the right way. Technological adaptation in the sector has been slow, but the implementation of GST and post-corona Things are accelerating, and it’s beneficial for the sector,” added Anish.
He also emphasized that: The situation is much improved and the adoption rate is very good. Going forward, UPI payments may become more profitable. “
Now the company is aware of market trends and has created its own amazing identity in this sector. We also recognize that there are various other players in the market such as Moglix, Industry Buying and Infra.Market, but it is huge. Part of the market remains untapped. To increase customer satisfaction and retention, we should strive to provide unique solutions that address every aspect of the ecosystem according to each client’s requirements.
The importance of money to keeping a business off guard cannot be overstated. Because money is absolutely necessary. ProcMart raised initial seed and pre-earnings funding from IndiaMart to build a cloud-based e-procurement portal that brings the company closer to product market fit. The company recently raised his $10 million Series A round from Sixth Sense Ventures. In this regard, Anish Popuri said:
ProcMart is positioned as one of the prominent players in the ecosystem as the company has a clear vision for the future. With 13 locations across India and 1 fully operational office in Malaysia, the team claims to have over 7,500 active vendor relationships, including OEMs, distributors and traders, with 5 offices in India. New Offices We are planning to open two international offices in Australia and Vietnam.
“We have recently expanded into packaging and are working to add new business lines such as chemicals to our existing customers. We are in talks with potential clients to prototype new services such as managed inventory,” the CEO revealed.
In light of his long-term expertise in the sector, Anish Popuri advised those looking to start their journey in the ecosystem: Only from the beginning. “
He also said, “In the last few months, we have seen more and more shifts in the market from growth to profitability. should not be It is now necessary to “make money”. Hand in hand. “
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