NEW DELHI: Prodo, a B2B e-commerce platform that provides manufacturing of consumables recently closed their pre-seed funding of Rs 3 crore.
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 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.
The clients get access to 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.
In a statement, Husain 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.”
“The Indian manufacturing sector has the potential to surpass $1 trillion by 2025. We feel business models like Prodo, which are on the mission to digitise manufacturing for indirect procurement through e-commerce, will be drivers of this growth,” said Bipin Shah, Partner, Titan Capital, in a statement.
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 and wellness, F&B, facilities management, aviation and logistics industry.
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 companies like Prodo are bridging the divide between buyers and manufacturers to provide an efficiency-driven procurement.”
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.
Published by Economic Times on November 10 | https://bit.ly/3lGantC