# Procol Tech Private

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/procol-tech-private

- Industry: Software
- Headquarters: Gurugram, India
- Website: www.procol.io
- Total disclosed funding: $11M
- Latest round: Series A (Jul 26, 2022)
- Investors on record: 12

## About

Procol Tech Private Limited is an innovative provider of AI-driven procurement software solutions, designed to optimize procurement processes and improve operational efficiency for various organizations.Procol Tech Private Limited offers advanced procurement solutions, founded in 2018 and headquartered in Gurugram, India. The company has successfully completed 3 deals, with its most recent deal occurring on July 26, 2022, raising INR 507.83 million through a Series A funding round led by new investors including Alarko Ventures and Anchorage Capital Partners, alongside returning investors such as BEENEXT and Blume Ventures. Gaurav Baheti and Sumit Mendiratta founded the company, with Gaurav Baheti currently serving as CEO. The company has not undergone significant business pivots or changes since its inception.Procol is a leading provider of AI-powered procurement software solutions designed to streamline the procurement process and enhance operational efficiency for organizations. Its offerings include strategic sourcing software, eAuction capabilities, vendor onboarding platforms, and integrated procurement orchestration tools. These products automate various stages from vendor selection to payment processing, addressing inefficiencies, lack of transparency, and high operational costs. Procol's technology is used by public sector institutions, educational organizations, and enterprises globally across North America, Europe, and the Asia-Pacific region, improving supplier relationships and ensuring compliance with procurement regulations.In the most recent fiscal year, Procol generated revenue of INR 412,708.70 and reported an EBITDA of INR -1,941,449. The company's revenue model is subscription-based, allowing organizations to access a suite of procurement tools through tailored pricing tiers that cater to various needs such as strategic sourcing and vendor management. Procol has established partnerships with over 200 enterprises worldwide, enhancing its revenue potential through sustained client engagement.Following its Series A funding round on July 26, 2022, where Procol raised INR 507.83 million, the company plans to utilize these funds to further develop its software platform. Procol aims to launch new products designed to enhance procurement efficiency and expand into additional markets, targeting regions in North America and Europe by the end of 2024. This strategic focus on product development and geographic expansion is expected to bolster the company's growth trajectory.

## Funding rounds

- Series A, Jul 26, 2022, $6.4M — Blume Ventures, GMO VenturePartners, Esas, BEENEXT, Surge, QED Innovation Labs, FounderBank Capital, Mars Shot Ventures, Alarko Ventures, Anchorage Capital Partners
- Seed, Apr 13, 2020, $3.8M — Blume Ventures, BEENEXT, Milestone Trusteeship Services, Surge
- Seed, Jul 11, 2019, $1M — Blume Ventures, Rainmatter, Milestone Trusteeship Services

## Investors

- Blume Ventures (https://capitalatlas.ai/funds/blume-ventures) — Seed, Series A
- Rainmatter (https://capitalatlas.ai/funds/rainmatter) — Seed
- Milestone Trusteeship Services — Seed
- BEENEXT (https://capitalatlas.ai/funds/beenext) — Seed, Series A
- Surge (https://capitalatlas.ai/funds/surge) — Seed, Series A
- GMO VenturePartners (https://capitalatlas.ai/funds/gmo-venturepartners) — Series A
- Esas (https://capitalatlas.ai/funds/esas) — Series A
- QED Innovation Labs — Series A
- FounderBank Capital (https://capitalatlas.ai/funds/founderbank-capital) — Series A
- Mars Shot Ventures (https://capitalatlas.ai/funds/mars-shot-ventures) — Series A
- Alarko Ventures (https://capitalatlas.ai/funds/alarko-ventures) — Series A
- Anchorage Capital Partners — Series A