ProcureYard: 10 Key Things You Must Know

Overview

ProcureYard is an innovative AI-powered procurement platform that revolutionizes the raw material sourcing process for businesses, particularly in the construction and infrastructure sectors. Launched in 2023, the company quickly gained traction with its technology-driven solutions aimed at modernizing the B2B supply chain. The platform is designed to streamline procurement processes and optimize supply chain efficiency, marking it as a significant player in the industry transforming traditional procurement methods.

1. Core Offerings

ProcureYard provides a comprehensive suite of solutions tailored for construction, manufacturing, and infrastructure companies. Its offerings include the procurement and sale of raw materials, liquidation of excess inventory, logistics management, and financing solutions. The platform also integrates cutting-edge AI technology to enhance supply chain optimization and customer relationship management, positioning itself as a one-stop shop for all procurement needs.

2. Founders and Team

The company was founded by a team of industry veterans—Anshu Kandhari, Pankaj Bisht, Somdutt Parashar, and Tushar Agarwal—each bringing extensive experience from notable firms such as Paytm, Facebook, and Cred. Their leadership combines over three decades of collective experience in tech-driven solutions and business operations, making them well-equipped to lead ProcureYard's innovative ventures.

3. Recent Milestones

Since its inception in 2023, ProcureYard has rapidly achieved several significant milestones, including reaching a Rs 300 crore annualized revenue run rate (ARR) and achieving profitability within 18 months. This growth trajectory, marked by a sixfold increase, underscores the company’s effective execution strategies and strong market demand.

4. ProcureYard Funding

In January 2025, ProcureYard secured $1.72 million in seed funding. The round was led by Powerhouse Ventures, with participation from Java Capital and 2am VC, including angel investors like Tracxn co-founder Abhishek Goyal. The funds are earmarked for product development and expanding their AI platform to support the procurement of additional raw materials.

5. ProcureYard Technologies Private Limited

Incumbented as ProcureYard Technologies Private Limited, the company is formally recognized under Indian jurisdiction and has its registered office located in New Delhi. With a classified legal entity in the realm of wholesale trade (with the exclusion of motor vehicles and motorcycles), ProcureYard maintains a steady foothold in India's regulatory framework.

6. AI and Technology Integration

At the core of ProcureYard's operations is its innovative use of AI, which facilitates seamless procurement management. The company's AI-driven platform employs conversational agents designed to optimize negotiations, pricing decisions, and supplier matches. These advanced solutions are crucial for enhancing the traditional supply chain operations plagued by inefficiencies.

7. Market Reach

ProcureYard maintains an extensive network across India, operating in more than 20 states and partnering with over 200 suppliers to serve about 200 SMEs. This wide-reaching presence amplifies its ability to manage a diverse range of procurement needs effectively.

8. ProcureYard Bangalore

With a strategic base in Bengaluru, the company leverages the city's tech ecosystem to drive innovation and attract top talent. Bengaluru, as the IT capital of India, provides an ideal environment for tech-driven enterprises like ProcureYard to thrive and expand their capabilities.

9. Strategic Vision and Expansion Plans

Beyond its current operations, ProcureYard is set on scaling its reach by targeting a sizeable untapped market valued at over a trillion dollars. Its strategic vision includes advancing AI solutions for underwriting and risk mitigation, indicating plans for broader applications in the fintech sector.

10. Community and Stakeholder Engagement

ProcureYard’s success can also be attributed to its active engagement with stakeholders and commitment to delivering value to its community of users, investors, and employees. With initiatives designed to bolster SME growth and efficiency, the company is paving the way for a new era of procurement excellence.

Conclusion

ProcureYard’s innovative platform signifies a transformative phase in the raw material procurement industry. With successful seed funding, a strong leadership team, and a clear vision for growth, the company is well-positioned to set new standards in AI-driven supply chain management. Its ability to achieve rapid growth and profitability underscores its potential to lead industry advancements in procurement processes.