AI procurement platform ProcureYard raises $1.72 million in seed round

Gurugram, January 20, 2025: Gurugram and Bengaluru based B2B commerce platform for raw material ProcureYard, founded in 2023 by Anshu Kandhari, Pankaj Bisht, Somdutt Parashar and Tushar Agarwal, has raised a seed round of $1.72 million led by Powerhouse Ventures. The round also saw participation from Java Capital, 2am VC, well known angels Abhishek Goyal, Co-founder, Tracxn and Rajesh Sawhney, Founder, GSF.

The Company has also reached an important milestone of ₹300 crore in ARR (Annualised Revenue RunRate) and has turned profitable while growing 6X. ARR is the revenue level reached by a company after 12 months.

The capital raised will be strategically directed towards product development and working capital management. ProcureYard plans to leverage its custom-built conversational AI platform which drove success in metals and replicate it to other raw materials. The company plans to increase their market presence with their supply chain solutions.

ProcureYard has built a smart procurement platform for EPC contractors to interact, understand their own data and digitize their supply chain. The company has also launched a multi-lingual voice agent that understands customer enquiries and matches them with the right set of suppliers.

Sri Peddu, General Partner, Powerhouse Ventures, states, “Procureyard is redefining the digital transformation of a traditional, fragmented sector with its vertical AI approach. This is a massive industry plagued by supply chain inefficiencies, and the time is ripe for streamlining procurement processes and delivering unparalleled value to SMEs. Their ability to achieve profitability so early in their journey, coupled with their rapid growth, is a clear indicator of their strong execution capabilities and market demand. With their innovative AI agents already solving critical inefficiencies, we are thrilled to support ProcureYard as they expand into new verticals. The team’s vision and focus on profitability set them apart in a competitive market, and we believe they are well-positioned to become a market leader in this space.”