Innovating raw material marketplace for industrial growth.
Manufacturing materials marketplace NowPurchase has secured ₹80 Cr (approximately $8.5 million) in a funding round led by Bajaj Finserv. The round saw participation from existing backers InfoEdge Ventures, Orios Venture Partners, and Real Ispat Group, as well as individual investors including S Four Capital partner Shikhar Raj and Lloyds Group promoter Madhur Gupta.
The startup will use the capital to strengthen its core offerings, including scrap recycling, expanding its branded products portfolio, and scaling its AI-powered SaaS platform, MetalCloud.
Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase operates a marketplace for procuring manufacturing raw materials such as metal scrap, carbon additives, and ferro alloys. The company’s MetalCloud platform uses AI to optimize factories’ melting processes by providing suggestions on melting and enabling data-driven decision-making. The platform delivers live heat data on WhatsApp, addition/dilution suggestions, and a raw material pricing dashboard.
NowPurchase also operates scrap processing centers to aid companies in recycling metal scrap. The startup reports having delivered over 1.95 Lakh tonnes of raw materials to more than 200 clients and has secured ₹120 Cr in equity investments to date.
In 2024, NowPurchase raised $6 million (around ₹50 Cr) in a mix of equity and debt in a round led by InfoEdge Ventures. According to founder and CEO Naman Shah, the company is planning expansion in Tamil Nadu, where it is setting up its own scrap processing center and end-to-end marketplace operations. NowPurchase currently operates six warehouses and two scrap processing centers and plans to add two more in Jharkhand and Tamil Nadu in the next three to six months.
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