Synopsis
The round also saw participation from individual investors and family offices, including Shikhar Raj of the venture capital firm S Four Capital, the Real Ispat Group, Madhur Gupta of Lloyds Metals and Energy, VC Grid, and Kartik Hosanagar, cofounder of Bodhium Labs.The round also saw participation from individual investors and family offices, including Shikhar Raj of the venture capital firm S Four Capital, the Real Ispat Group, Madhur Gupta of Lloyds Metals and Energy, VC Grid, and Kartik Hosanagar, cofounder of Bodhium Labs.
Founded in 2017 by Naman and Aakash Shah, NowPurchase provides an AI-powered platform that helps metal manufacturers procure raw materials such as scrap, alloys, and additives, while also offering tools to digitise production processes. It also operates a network of scrap processing centres and offers branded products for additives and alloys.
“This investment will accelerate our investment in R&D and scrap recycling infrastructure to drive innovation and create meaningful value for our customers. Backed by a strong pan-India presence and an expanding global footprint, NowPurchase is well-positioned to double down on its core operations and continue scaling with strong unit economics,” said chief executive Naman Shah.
The company said the fresh capital will also be used to grow its portfolio of branded products, and scale its AI-powered platform, MetalCloud. The startup is also looking to deepen its presence across India and expand globally.
With this round, NowPurchase said it has raised about Rs 120 crore in equity funding to date.
In an interview with ET earlier this week, Bajaj Finserv chairman and managing director Sanjiv Bajaj said the firm is doubling down on artificial intelligence investments, and plans to launch a private equity fund focussed on AI and also back early-stage startups directly from its balance sheet.
According to Tracxn, NowPurchase reported revenues of Rs 330.5 crore in the fiscal year ended March 2025, while its net loss stood at Rs 6.3 crore.
“We are pleased to join hands at a defining moment in the growth journey of NowPurchase. The company’s strong pan-India presence, expanding global ambitions, and AI-enabled platform positions it well to transform the metal manufacturing ecosystem,” said Lakshmi Iyer, CEO, Bajaj Alternates.
NowPurchase competes with players such as with players such as OfBusiness, Infra.Market, and JSW One in the B2B raw material procurement segment.
