NowPurchase Secures Rs 80 Crore in Strategic Funding Round Led by Bajaj Finserv
Kolkata-based artificial intelligence-enabled B2B metals platform NowPurchase has successfully raised Rs 80 crore in a significant funding round. The investment was spearheaded by Bajaj Finserv, with substantial participation from existing investors InfoEdge Ventures and Orios Venture Partners.
Diverse Investor Participation Strengthens Financial Backing
The funding round attracted a wide array of investors beyond the lead and existing backers. Notable contributions came from individual investors and prominent family offices, including:
- Shikhar Raj
- Real Ispat Group
- Madhur Gupta of Lloyds Group
- VC Grid
- Professor Kartik Hosanagar
This diverse investor mix underscores the growing confidence in NowPurchase's innovative business model and technological capabilities within the metals industry.
Strategic Utilization of Fresh Capital for Growth and Expansion
The AI-enabled platform, promoted by Naman Shah and Aakash Shah of the Nipha Group, has outlined clear strategic objectives for deploying the newly acquired capital. The primary focus areas include:
- Strengthening Scrap Recycling Operations: Enhancing capabilities in metal recycling to promote sustainability and efficiency in resource utilization.
- Expanding Branded Products Portfolio: Broadening the range of metal products offered under the NowPurchase brand to cater to diverse industrial needs.
- Scaling MetalCloud AI Platform: Accelerating the development and deployment of MetalCloud, the company's proprietary AI platform designed to help metal manufacturers digitize and optimize production processes through advanced technologies like Internet of Things (IoT) and computer vision.
NowPurchase's MetalCloud platform represents a transformative approach to the traditional metals manufacturing sector, leveraging cutting-edge technology to drive operational excellence and digital transformation.
Positioning in the Evolving Metals Industry Landscape
This substantial funding injection positions NowPurchase as a key player in the rapidly evolving B2B metals marketplace. By combining AI, IoT, and computer vision technologies, the platform aims to address critical challenges in metal production, including:
- Production optimization
- Quality control enhancement
- Supply chain digitization
- Sustainable manufacturing practices
The backing from established financial institutions like Bajaj Finserv, along with continued support from venture capital firms, validates NowPurchase's potential to revolutionize how metals are traded, processed, and manufactured in India and beyond.
