New Delhi, Sept. 25 -- North Carolina-headquartered procurement-technology provider Beroe, which has operations also in India, has raised Rs. 300 crore ($34 million) from a consortium of investors via a minority stake sale.
The group of investors was led by TRUST Group's private-equity arm Relativity Resilience Fund, the Alchemy Long Term Ventures Fund, Alchemy Capital's co-founder Lashit Sanghvi, and stock market veterans Mukul Agrawal and Ashish Kacholia.
Beroe said in a release that it will deploy the new money to improve the insights function of its procurement intelligence stack, both through product development and through acquisitions.
Founded in 2006, the software-as-a-service (SaaS) provider Beroe says it uses data-backed artificial intelligence (AI) tools to help companies make procurement decisions more efficiently and speedily.
Earlier this month, the company announced the acquisition of Forestreet, a provider of supplier and innovation-scouting solutions. In March, it had acquired Nnamu, which offers a tool to help with negotiations.
"This funding will be instrumental in accelerating our product development and solidifying Beroe's position as the decision workbench for procurement professionals worldwide," said Vel Dhinagaravel, founder and CEO at Beroe.
"ProcureTech SaaS is one of most exciting spaces in enterprise technology, with AI-driven innovations helping global procurement teams drive value for their organizations," said Vishesh Dalal, partner, Relativity Resilience Fund.
"In today's volatile global economy procurement is a mission-critical function. Beroe's intelligence-driven platform helps global enterprises anticipate change and respond strategically," said Kacholia.
Agrawal said that company's "recent acquisitions and product innovation show a clear vision for the future of procurement".
"The future of procurement isn't about standalone tools, but about connected ecosystems. Beroe's interoperability across multiple platforms has put them at the forefront of this transformation," said Alchemy's Sanghvi.
Published by HT Digital Content Services with permission from VC Circle.