New Delhi, April 1 AI-enabled B2B firm NowPurchase announced on Wednesday that it has raised ₹80 crore in a funding round led by Bajaj Finserv to scale up its platform and offerings.
The funding round saw participation from existing investors, InfoEdge Ventures and Orios Venture Partners, along with individual investors and family offices including Shikhar Raj, Real Ispat Group, Madhur Gupta (Promoter & Director of Lloyds Group), VC Grid, and Professor Kartik Hosanagar.
"We are delighted to have Bajaj Finserv as a partner in our next phase of growth. This investment will accelerate our investment in research and development capabilities and scrap recycling infrastructure to drive innovation and create meaningful value for our customers," said NowPurchase Founder and CEO Naman Shah.
The company plans to use the fresh capital to accelerate key growth initiatives in line with its focus on strengthening core offerings such as scrap recycling, expanding its portfolio of branded products, and scaling its AI-powered platform, MetalCloud.
"Backed by a strong pan-India presence and an expanding global footprint, NowPurchase is well-positioned to double down on its core operations and continue scaling with strong unit economics," said Shah.
Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase offers an AI-enabled procurement solution that enables metal manufacturers to source high-quality raw materials such as scrap, alloys, and additives in a transparent and reliable manner.
NowPurchase Co-founder Aakash Shah said that the funding will fast-track the growth of MetalCloud, our AI-powered platform built to digitize and optimize production in metal manufacturing.
"We believe AI can fundamentally transform shop-floor operations, and MetalCloud is positioned to lead that shift," he said.