NowPurchase, an AI-enabled B2B platform for metal manufacturers, has raised approximately $9.6 million in funding led by Bajaj Finserv, along with support from Info Edge Ventures and Orios Venture Partners. This funding marks a significant milestone for the company, with previous investments totaling $18 million, including a $6 million funding round in September 2024 from Info Edge Ventures. The newly acquired capital will be used to expand the company’s scrap recycling infrastructure, grow its branded product range, and enhance its AI platform, MetalCloud.
Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase offers a digital platform for metal manufacturers to source raw materials like scrap, alloys, and additives. Additionally, the company operates a network of scrap processing centers and provides branded products. MetalCloud, their AI platform, plays a crucial role in enabling manufacturers to digitize and optimize production processes through the application of IoT and computer vision technologies.
NowPurchase competes directly with other India-focused metal procurement platforms such as JSW One MSME, OfBusiness, and Metalbook, but stands out for its focus on streamlining the raw material sourcing process for manufacturers through digital solutions.
Source: Entrackr : Latest Posts