Prodo Raises Pre-Seed Funding Of INR 3 Crore The company provides manufacturing of made-to-order and white-labelled consumables
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Prodo, a one-stop B2B e-procurement platform, has closed their pre-seed funding of INR 3 crore.
The round, led by LetsVenture and Titan Capital, also saw participation from marquee angels— Abhinav Sinha, Global COO, OYO; Nimesh Kampani, co-founder and CEO, Trica; Gaurav Ajmera, CBO, Pristyn Care; Prasun Choudhary, president, OYO International; Saurabh Aggarwal, co-founder, Fitso by Zomato; Abdul Pravengal, former CBO, Shipper; Saurabh Srivastava, CMO and CGO, Housr, among others.
Prodo provides manufacturing of made-to-order and white-labelled consumables. The indirect procurement industry in India is plagued by low service level, lack of technology and transparency. Prodo aims to solve this problem by creating a cloud-connected network of micro, small and medium manufacturers. Orders placed on Prodo's e-commerce shop are matched to the right manufacturing unit. Prodo has already onboarded 130 plus manufacturing units across India as a part of its network.
Sameen, founder and CEO of Prodo, said, "Lack of technology and transparency is one of the biggest problems faced by corporate purchase teams. While in the consumer space we are buying everything online, 70 per cent of B2B purchases still remain offline and have not evolved with the changing profile of the new age purchase managers. Today, 73 per cent purchase managers are millennials who are looking for a tech-led bulk buying experience. Prodo's goal is to make indirect procurement a B2C-inspired, one-touch experience by automating multiple touchpoints in the supply chain journey."
Bipin Shah, partner at Titan Capital, said, "The Indian manufacturing sector has the potential to surpass $1 trillion by 2025. We feel unique business models like Prodo, which are on the mission to digitise manufacturing for indirect procurement through e-commerce, will be drivers of this growth. Prodo, in a short stint of time, has successfully onboarded long-term B2B clients which is a clear indicator of its product-market-fit."
