Procmart is an online e-commerce platform that announced a 201.6 percent increase in operational revenue to Rs 621.5 crore in FY24. The startup provides a digital platform offering procurement and supply chain solutions The application offers a product catalog including construction goods, clothing, beauty supplies, industrial goods, electronics, IT items, and more. The sale of these products is the company’s major source of revenue. The startup is also engaged in the trading business of industrial automation and mechanical items.
Entrackr mentioned in its report that the firm also earns income through business procurement assistance services. The GMV saw a three-times increase in FY24. The overall gross revenue generated was around Rs 624.3 crore. This includes money from interest and gains on financial assets worth Rs 2.79 crore. The company has secured over 40 million USD across three funding rounds since its inception, including $30 million raised during its series B funding round led by Fundamentum and Sixth Sense Ventures. The startup data intelligence platform, thekredible mentioned that the company’s post-money valuation is around Rs 724 crore.
The B2B platform allows users to buy multi-category products and supply chain solutions in the same marketplace. The online platform uses advanced technologies to provide the best customer experience. This e-commerce startup provides users with various procurement solutions. The legal, marketing, transportation, and other expenses increased the total costs by 205.6 percent to Rs 623.4 crore in FY24. However, 93.4 percent of the total expenditure goes to the cost of materials. The total expenditure of the firm increased by almost three times to Rs 623.4 crore in FY24. The startup reported a 56.5 percent decrease in its profit of Rs 73 lakh in the same duration. Meanwhile, the employee benefits decreased to Rs 19 crore for this fiscal year.
The Noida startup plans to follow the plain vanilla procurement-based business model while offering more innovative e-commerce solutions. The company intends to control its losses by reducing operating expenses and employee benefits. The employee benefits account for 3 percent of the total expenditure compared to the last year. The EBITDA margin also stood at 1.33 percent while the ROCE was around 5.45 percent. ProcMart faces competition from other online products offering B2B platforms such as IndiaMart, Udaan, and Moglix.
Conclusion :
The B2B e-commerce startup ProcMart announced a 200 percent increase in its operational revenue to Rs 621.5 crore in FY24. This e-commerce startup offers procurement and supply chain solutions with multi-category products like electronics, construction goods, and beauty supplies. The sale of these products and interest or gain on financial assets are the firm’s primary sources of revenue.
The profit also decreased by 56.5 percent to Rs 73 lakh in FY24. The total expenditure of the firm increased by 205.6 percent and crossed Rs 623.4 crore in the same duration. The company plans to minimize its operating and employee expenses. The company has secured over 40 million USD across multiple funding rounds to date.
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