ProcureYard

ProcureYard is an innovative B2B commerce platform focused on raw material procurement tailored for the construction and infrastructure sectors in India. Here are the key details about the company:

Mission

ProcureYard aims to redefine procurement processes in a traditionally fragmented sector by leveraging artificial intelligence (AI) to streamline operations for small and medium enterprises (SMEs) in construction and infrastructure.

Recent Developments

• Funding: On January 20, 2025, ProcureYard raised $1.72 million in a seed funding round led by Powerhouse Ventures, with participation from Java Capital, 2am VC, and notable angel investors. This funding will be used for product development and enhancing working capital management.

• Profitability: The company achieved profitability within just 18 months of operations and has reached an Annualized Revenue Run Rate (ARR) of ₹300 crore (approximately $36 million). ProcureYard aims to scale this to ₹3,000 crore (approximately $360 million) within the next 12-18 months.

Product Features

ProcureYard has developed a smart procurement platform designed specifically for Engineering, Procurement, and Construction (EPC) contractors. Key features include:

• AI-Enabled Procurement: The platform utilizes AI to help users understand their procurement data and digitize their supply chains.

• Multilingual Voice Agent: A voice assistant that can comprehend customer inquiries and connect them with suitable suppliers.

• Supplier Network: The company operates across over 20 states in India and has established a network of more than 200 suppliers serving over 200 SMEs.

Market Position

ProcureYard is positioned as a leader in transforming procurement practices in the raw materials sector. The company's vertical AI approach addresses significant inefficiencies in supply chains, making it a valuable player in the industry.

Future Aspirations

With ambitious plans for growth, ProcureYard aims to enhance its market presence further by replicating its successful AI-driven platform across various raw materials beyond metals. The company is focused on delivering unparalleled value to SMEs while streamlining procurement processes.

In summary, ProcureYard is a rapidly growing company that leverages technology to improve procurement efficiency in the construction sector, with significant funding backing its expansion plans.