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B2B-focussed procurement marketplace ProcMart has elevated its finance and strategy head Sachin Jain to the position of cofounder.
In his new role, Jain will help in expanding ProcMart’s customer relationships, enabling category expansion and scaling up its operations across supply chain, product development and finance, the Delhi NCR-based startup said in a statement.
Almost a year back, Jain joined the company as its chief financial officer (CFO) and chief strategy officer (CSO), as per his LinkedIn profile.
The startup further said in a statement that in the past one year, Jain helped in driving its business growth, enabling new enterprise additions and expanding manufacturing capabilities.
However, he will continue to serve in his current role as the CFO and CSO.
“Under Jain’s leadership, ProcMart has experienced rapid growth and emerged as a preferred brand for our customers. He has taken ownership of key operations across the supply chain, product and finance, enabling us to scale with agility and precision,” said ProcMart’s founder and chief executive Anish Popli.
With 20 years of experience in finance, strategic planning and implementation, Jain has previously been the CFO at Mahle Anand Filter Systems, where he managed finance, tax and IT operations. He has also been the senior vice president of finance at Anand Group.
Jain’s elevation at ProcMart comes almost a year after the startup bagged $30 Mn in its Series B funding round led by Fundamentum Partnership.
Founded in 2015 by Popli, ProcMart is a B2B procurement marketplace for businesses which also provides MRO (maintenance, repair and overhaul) services to its clients. Besides it also provides vendor management solutions and analytics via its tech stack to reduce inventory cost and improve operations.
The startup counts the likes of Cargill, Vedanta and DANA as part of its clients. It is backed by the likes of Edelweiss Discovery Fund, Paramark Ventures, Sixth Sense Ventures and IndiaMART.
As per Tofler, ProcMart’s consolidated operating revenue jumped more than threefold to INR 621 Cr in the financial year ended March 31, 2024 (FY24) from INR 206 Cr in the previous fiscal year. However, the startup’s net profit for the period in review declined 57% to INR 72.74 Lakh from INR 1.68 Cr in FY23.
According to a research, the B2B marketplaces market is set to become a $200 Bn opportunity by 2030.
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