Delhi-based Procol will use the funding to scale its procurement platform and begin deploying other applications around it, the company said in its statement.
Indian commodity procurement company, Procol Tech Pvt. Ltd. has obtained INR 6.88 crore in a seed funding round, which is managed by Rainmatter Capital and Blume Ventures, according to a media report.
Delhi-based Procol will use the funding to scale its procurement platform and begin deploying other applications around it, the company said in its statement, as reported by the daily news, VC Circle.
The company is building a full-stack ecosystem for the Indian commodity market, which will help enable access to a transparent information platform, it added.
The companys platform has helped its customers achieve dramatic cost benefits, Co-founder and CEO of Procol, Gaurav Baheti told the daily news.
We are building on this success by adding related optimization tools and intelligence, he added.
The rapid adoption of Procols auction platform by Indias leading Agri buyers and sellers is a clear sign that the platform is fulfilling a long-standing market gap, Managing Partner at Blume Ventures, Karthik Reddy told the daily news.