Procurement startup, Prodo, raises pre-seed INR 3 crores funding with Titan Capital, LetsVenture co-leading
- The 6-month-old startup has raised Rs 3 crores to strengthen its team, technology and scale its operations
- The round also saw participation from marquee angels such as Abhinav Sinha – Global COO – OYO, Nimesh Kampani – Co-Founder & CEO – trica, and others
- Founded by ex-Times of India & OYO employees, the company aims to transform the indirect procurement experience for businesses.
New Delhi: Prodo – a one-of-its kind B2B e-commerce platform that provides manufacturing of consumables has recently closed their pre-seed funding of INR 3 crores.
The round, led by LetsVenture and Titan Capital, also saw participation from marquee angels such as Abhinav Sinha, Global COO, OYO; Nimesh Kampani, Co-founder & CEO trica; Gaurav Ajmera, CBO Pristyn Care; Prasun Choudhary, President, OYO International; Saurabh Aggarwal, Cofounder, Fitso by Zomato; Abdul Pravengal, Ex-CBO – Shipper; Saurabh Srivastava, CMO & CGO, Housr and others.
Founded by Sameen Husain and Abhiroop Srivastava in May 2021, Prodo is a one-stop B2B ecommerce platform that provides manufacturing of made-to-order and white-labelled consumables. The indirect procurement industry in India is plagued by low service level, lack of technology and transparency.
Prodo aims to solve this problem by creating a cloud-connected network of micro, small and medium manufacturers. Leveraging data, orders placed on Prodo’s e-commerce shop are matched to the right manufacturing unit. Prodo has already onboarded 130+ manufacturing units across India as a part of its network.
Prodo clients get access to one-touch sampling, live tracking of orders and a personalised dashboard. Prodo takes care of end-to-end procurement for clients – which includes design, production, compliance, quality control and last mile delivery.
Sameen, Founder & CEO of Prodo said, “Lack of technology and transparency is one of the biggest problems faced by corporate purchase teams. While in the consumer space we are buying everything online, 70% of B2B purchases still remain offline and have not evolved with the changing profile of the new age purchase managers. Today, 73% purchase managers are millennials who are looking for a tech-led bulk buying experience. Prodo’s goal is to make indirect procurement a B2C-inspired, one-touch experience by automating multiple touchpoints in the supply chain journey from sampling to QC.”
Bipin Shah, Partner, Titan Capital, said, “The Indian manufacturing sector has the potential to surpass USD 1 trillion by 2025. We feel unique business models like Prodo, which are on the mission to digitise manufacturing for indirect procurement through e-commerce, will be drivers of this growth. Prodo, in a short stint of time, has successfully onboarded long-term B2B clients which is a clear indicator of its product-market-fit.”
Commenting on the Prodo fundraise, Nimesh Kampani, Co-founder & CEO, trica (a LetsVenture company) said, “eProcurement platforms help improve efficiency enabling corporates to gain greater control over spending across the organization; and startups such as Prodo are bridging the divide between buyers and manufacturers to provide an efficiency-driven procurement. Prodo has had great traction so far and the team is now ready to scale up its product offerings for the B2B segment.”
The global B2B e-commerce market will reach $25.65 trillion by 2028. The industry in India is expected to grow at a massive 80% CAGR till 2025. At the heart of this, is indirect procurement, which accounts for 20%- 30% of spend for all B2B buying in the Healthcare, Beauty & Wellness, F&B, Facilities Management, Aviation and Logistics industry. Presently, more than 70% of indirect procurement is done via unorganized channels. Through its single vendor e-commerce shop, Prodo enlists high volume, high-frequency products that corporates need on a repeat basis for their operations.