NowPurchase Surges Ahead with Rs 80 Crore Investment

AI-enabled B2B firm NowPurchase has successfully raised Rs 80 crore in a funding round led by Bajaj Finserv. The company intends to utilize this capital to expand its scrap recycling infrastructure and enhance its AI-powered platform, MetalCloud, aimed at optimizing production in metal manufacturing.

AI-enabled business-to-business firm, NowPurchase, announced on Wednesday its successful fundraising of Rs 80 crore, spearheaded by Bajaj Finserv. The capital will enable the company to scale its platform and expand its offerings significantly.

The funding saw contributions from existing investors like InfoEdge Ventures and Orios Venture Partners, alongside support from individual investors and family offices such as Shikhar Raj, Real Ispat Group, and Madhur Gupta of Lloyds Group. Key investors VC Grid and Professor Kartik Hosanagar also contributed to this round.

Naman Shah, Founder and CEO of NowPurchase, highlighted the strategic partnership with Bajaj Finserv as pivotal for the company's next growth phase. A portion of the fresh capital is earmarked for enhancing scrap recycling infrastructure and bolstering research and development capabilities to drive innovation. Co-founder Aakash Shah noted the rapid expansion of their AI-driven platform, MetalCloud, which aims to digitize and optimize metal manufacturing production processes.

(With inputs from agencies.)