NowPurchase Raises $9.6M to Digitize Metal Manufacturing

NowPurchase, a marketplace focusing on metal manufacturers, has secured Rs 80 crore (approximately $9.6 million) in a recent funding round. Bajaj Finserv led the investment, with participation from existing investors such as Info Edge Ventures and Orios Venture Partners. Individual investors and family offices including Shikhar Raj, Real Ispat Group, Madhur Gupta of Lloyds Group, VC Grid, and Professor Kartik Hosanagar also contributed to the round.

The funding aims to fuel NowPurchase’s efforts to modernize how metal manufacturers procure raw materials and manage production processes. This comes at a crucial time when industrial supply chains face increasing pressure to enhance speed, sustainability, and transparency.

Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase provides a platform for metal manufacturers to source scrap, alloys, and additives. The company also operates scrap processing centers and offers branded product lines. Its technology layer, MetalCloud, employs connected sensors (IoT) and computer vision to facilitate the digitization and optimization of factory production.

Naman Shah, Founder and CEO of NowPurchase, stated that the investment will accelerate the company’s research and development capabilities and expand its scrap recycling infrastructure. This expansion is intended to drive innovation and create significant value for customers, positioning NowPurchase to scale its core operations while maintaining strong unit economics.

Aakash Shah, Co-founder, highlighted that the funding will expedite the expansion of MetalCloud, NowPurchase’s AI platform. The platform is designed to digitize and improve metal manufacturing operations, with the company aiming to leverage AI to transform shop-floor processes by identifying patterns, reducing waste, and enhancing consistency.

Lakshmi Iyer from Bajaj Alternates noted that their investment comes at a pivotal stage in NowPurchase’s growth, citing its nationwide presence, global ambitions, and AI platform as key drivers of change in metal manufacturing. Girish Jhunjhunwala added that the investment reflects confidence in technology-led efficiency and supply chain resilience, supporting the company’s long-term growth.

To date, NowPurchase has raised approximately Rs 120 crore ($14.46 million) in total equity funding. In 2024, the company raised $6 million in a combination of equity and debt financing, led by Info Edge Ventures.

The funding highlights a growing trend of investors backing technology-driven B2B procurement and supply chain platforms in the manufacturing and metals sectors. Companies like Zetwerk, OfBusiness, and Metalbook have also attracted investor interest by using digital platforms to streamline sourcing, financing, and production.

Zetwerk recently initiated its IPO plans with a confidential SEBI filing, while OfBusiness and Metalbook are developing full-stack models that integrate procurement, credit, logistics, and data-led manufacturing services. With much of India’s industrial procurement still localized and manual, technology platforms offering transparency, price discovery, and supply chain reliability are poised for growth.