New Delhi: AI-enabled B2B metal procurement platform NowPurchase has raised ₹80 crore in a funding round led by Bajaj Finserv, the company said in a statement on Tuesday.
The round also saw participation from existing investors InfoEdge Ventures and Orios Venture Partners, along with individual investors and family offices including Shikhar Raj, Real Ispat Group, Madhur Gupta (Promoter and Director, Lloyds Group), VC Grid, and Professor Kartik Hosanagar.
The company said the fresh capital will be utilised to strengthen its core offerings, including expansion of scrap recycling infrastructure, scaling of its branded product portfolio, and further development of its AI-powered platform, MetalCloud.
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Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase provides procurement solutions to metal manufacturers, enabling sourcing of raw materials such as scrap, alloys, and additives through a digital platform aimed at improving transparency and reliability.
The platform also operates a network of scrap processing centres and offers branded products across alloys and additives. Its AI platform, MetalCloud, integrates technologies such as IoT and computer vision to help manufacturers digitise and optimise production processes.
Commenting on the development, Naman Shah, Founder and Chief Executive Officer of NowPurchase, said the investment will support the company’s expansion in research and development as well as infrastructure.
“We are pleased to have Bajaj Finserv as a partner in our growth journey. The funding will enable us to strengthen our capabilities in recycling and innovation while continuing to deliver value to customers,” he said.
Co-founder Aakash Shah said the funding would accelerate the growth of MetalCloud, which is designed to enhance shop-floor efficiency in metal manufacturing.
“We believe AI will play a key role in transforming production processes, and MetalCloud is positioned to support that shift,” he added.
Lakshmi Iyer, Chief Executive Officer of Bajaj Alternates, said the investment aligns with the company’s focus on supporting technology-driven businesses.
“The company’s pan-India presence, global ambitions, and AI-led platform position it well to drive transformation in the metal manufacturing sector,” she said.
Girish Jhunjhunwala, Fund Manager – Private Equity and Venture Capital Investments at Bajaj Alternates, said the investment reflects confidence in the company’s ability to improve efficiency across procurement and supply chains.
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With this round, NowPurchase has raised a total of approximately ₹120 crore (about $14.5 million) in equity funding to date.
