"Gaurav, Sumit and the Procol team are rethinking the future of procurement,” said Blume Ventures
managing partner Karthik Reddy, in a statement.
“Agri commodity buying in India is a $400 billion large broken market riddled with inefficiencies. The rapid adoption of Procol’s auction platform by India’s leading agri buyers and sellers is a clear sign that the platform is fulfilling a long-standing market gap and is thus making significant headway in one of the largest markets in India today," he added.
The company’s clients include Bikanervala, Big Bazaar and Haldiram’s, according to its website.
“Commodities in India mostly run physically, and Procol is changing that. I was convinced of this when I first saw Procol’s product suite — the team is building an exceptional product for scale and there’s clear value for food enterprises to adopt them,” said Nithin Kamath, founder Zerodha, who led the investment through Rainmatter Capital.