NowPurchase, a software-driven marketplace for metal manufacturers, has raised $6 million through a mix of equity and debt. Most of the funds were raised via equity, led by Info Edge Ventures, with participation from Orios Ventures Partners, 100 Unicorns, VC Grid, and several prominent angel investors and family offices.
Investment Breakdown
The funding round saw contributions from well-known investors such as Dholakia Ventures, Real Ispat Group, and Subhrakant Panda, as well as angel investors Ankur Warikoo and Kedar Lele. Additionally, Capsave Finance and UC Inclusive provided debt financing. This latest investment brings NowPurchase’s total funding to $10 million.
What NowPurchase Offers
NowPurchase is an innovative platform that connects metal manufacturers with high-quality raw materials, including metal scraps, alloys, and additives. The startup also offers a proprietary SaaS platform called MetalCloud, which optimizes metal production processes, ensuring efficiency and transparency in the supply chain.
To make procurement easier, NowPurchase provides a WhatsApp bot that helps users check real-time prices and stock availability. A dedicated team also offers on-ground service and quality assurance.
Purpose of the Funding
The raised funds will be used to expand NowPurchase’s geographical presence across more regions in India and to launch new solutions aimed at improving the metal manufacturing industry. Key areas of focus include setting up scrap processing centers, developing private labels, and integrating AI technology into MetalCloud. This will further enhance the platform’s capabilities as a foundational operating system for metal manufacturers.
Founders and Vision
NowPurchase was founded in 2017 by Naman Shah and Aakash Shah with an initial investment from Nipha Group. Since its launch, the startup has seen rapid growth, with 2x year-over-year performance over the past three years.
We are confident in the vast market opportunity and excited to expand our solution nationwide.
Naman Shah, Co-founder and CEO of NowPurchase
Aakash Shah echoed the excitement, emphasizing the impact of MetalCloud: “Our SaaS platform has been well-received, with over 100 factories using it, and we believe it will be a key differentiator as we scale.”
NowPurchase currently serves over 250 factories across the metal supply chain, including major corporations like Titagarh Rail Systems Limited and Brakes India.
