Mumbai: Procol, a Delhi-based procurement startup, said Tuesday that it has raised $1 million in seed funding from early stage investor Blume Ventures and Rainmatter Capital, an initiative by stock broking platform Zerodha. It helps food retail companies reduce their procurement and related supply chain costs via a networked procurement platform — a single place for live auctions, market rates, collaboration, and intelligent commodity insights — which helps businesses save huge amounts of cost and time. The fund raise will help Procol scale their procurement platform and start deploying other applications around it. Procol, short for Procurement Protocol, was founded by Gaurav Baheti (ex Google and Zomato) and Sumit Mendiratta (ex OYO and Zomato). Blume Ventures is currently investing from its $80 million third fund which it is in the midst of raising.

Source: Mint July 17, 2019 03:11 UTC