Procol Company Profile

Background

Procol is a procurement technology company founded in 2018, dedicated to transforming traditional procurement processes through digital innovation. The company's mission is to create the world's most trusted business network, enabling seamless collaboration and faster, simpler transactions between businesses and their suppliers.

Key Strategic Focus

Procol specializes in providing an intelligent and user-friendly procurement platform designed to streamline sourcing, supplier management, and procurement operations. The platform aims to reduce costs, digitize procurement processes, and improve compliance by replacing traditional methods such as emails and spreadsheets with a secure e-sourcing solution. Procol targets large enterprises seeking to optimize their procurement strategies and enhance operational efficiency.

Financials and Funding

Procol has secured funding from notable investors, including Blume Ventures, Sequoia Surge, BEENEXT, and Rainmatter. The company has raised a total of ₹86.59 crore (approximately $11.5 million) to date.

Technological Platform and Innovation

Procol's platform offers a comprehensive suite of tools that facilitate:

Requisitions: Streamlining the process of requesting goods and services.

RFP & RFQ Management: Managing Requests for Proposals and Quotes efficiently.

eAuctions: Conducting various types of electronic auctions, including reverse and forward auctions.

Contract Management: Overseeing contract lifecycles from initiation to renewal.

Supplier Management: Maintaining detailed supplier information and performance metrics.

Spend Analysis: Analyzing procurement data to identify cost-saving opportunities.

Purchase Order and Invoice Automation: Automating the creation and processing of purchase orders and invoices.

These features are designed to enhance collaboration, improve compliance, and drive cost savings for enterprises.

Leadership Team

Gaurav Baheti, Co-founder and CEO: Formerly with Google New York, Zomato, and iSPIRT; recognized in Forbes 30 Under 30.

Sumit Mendiratta, Co-founder and CTO: Previously part of the core team at OYO and Zomato; holds a Computer Science degree from VIT; also featured in Forbes 30 Under 30.

Competitor Profile

Market Insights and Dynamics

The procurement software market is experiencing significant growth, driven by the increasing need for digital transformation in procurement processes. Enterprises are seeking solutions that offer cost savings, efficiency, and compliance.

Competitor Analysis

Procol faces competition from several established players in the procurement software industry:

SAP Ariba: Offers comprehensive spend management solutions, including invoice and contract management.

Coupa: Provides a spend management platform designed to help companies spend smarter.

Spendesk: Focuses on spend management with tools for expense tracking and budget control.

Ramp: Offers corporate cards and spend management software aimed at helping companies save money.

Airbase: Provides a platform for managing all aspects of corporate spending, including expense management and bill payments.

Strategic Collaborations and Partnerships

Procol has established partnerships with major enterprises such as Reliance, VIP, and Havells, leveraging its platform to optimize their procurement processes.

Operational Insights

Procol differentiates itself through its user-friendly interface and comprehensive suite of procurement tools. The company's focus on customer success and continuous innovation positions it as a strong contender in the procurement software market.

Strategic Opportunities and Future Directions

Procol aims to expand its market presence by continuously enhancing its platform's capabilities and forging new partnerships with enterprises seeking to digitize their procurement processes. The company's commitment to innovation and customer satisfaction positions it well for future growth.