NowPurchase Raises ₹80 Cr to Grow Raw Materials Marketplace
NowPurchase secures funding for raw materials marketplace expansion, leveraging AI.
Key Highlights
NowPurchase secures ₹80 Cr in funding led by Bajaj Finserv to expand its raw materials marketplace, enhance scrap recycling, and scale its MetalCloud AI platform.
NowPurchase, a marketplace for manufacturing materials, has secured ₹80 Cr (approximately $8.5 Mn) in a funding round spearheaded by Bajaj Finserv. Existing investors such as InfoEdge Ventures, Orios Venture Partners, and Real Ispat Group also participated, along with individual investors and family offices, including S Four Capital partner Shikhar Raj and Lloyds Group promoter and director Madhur Gupta.
The new capital will be used to strengthen core offerings like scrap recycling, expand the branded products portfolio, and scale the AI-powered SaaS platform, MetalCloud.
Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase operates a marketplace for procuring manufacturing raw materials, including metal scrap, carbon additives, and ferro alloys.
The MetalCloud SaaS platform uses AI to assist factories with their melting processes by providing optimization suggestions and enabling smarter decision-making. The platform offers live heat data on WhatsApp, addition/dilution suggestions, and a raw material pricing dashboard.
NowPurchase also operates scrap processing centers to facilitate metal scrap recycling for companies.
The startup reports it has delivered over 1.95 Lakh tonnes of raw materials to more than 200 clients and has secured ₹120 Cr in equity investments to date.
In 2024, NowPurchase raised $6 Mn (around ₹50 Cr) in a mix of equity and debt, in a round led by InfoEdge Ventures.
“With the last raise, we doubled down on Maharashtra, where we opened up a scrap recycling unit near Pune. We also started micro-centres in Punjab, Gujarat and Tamil Nadu back then. Post the current round, we are planning expansion in Tamil Nadu, given that it has emerged as the most promising market for us. We are setting up our own scrap processing centre, as well as setting up end-to-end marketplace operations,” said founder and CEO Naman.
Currently, NowPurchase operates six warehouses and two scrap processing centers and plans to add two more in Jharkhand and Tamil Nadu in the next three to six months, according to Naman.
