EPACK Durable is raising a $40-million round led by private equity fund Affirma Capital while procurement management software company Procol has raised $6.4 million in funding.
Affirma leads $40m funding in EPACK Durable
EPACK Durable, India’s second-largest contract manufacturer of room air-conditioners (RACs), is raising a $40-million round led by private equity fund Affirma Capital, according to media reports.
The company is looking to invest the capital in brownfield and greenfield projects to leverage the production-linked incentive scheme for RACs, as it looks to increase capacity to 3.6 million units by next year, the reports said.
In the last round of funding in September 2021, it had raised $24 million from ICICI Ventures.
Procurement management platform Procol raises $6.4m
Procurement management software company Procol on Wednesday said it has raised $6.4 million in funding from GMO Venture Partners, Alarko Ventures, Esas Ventures, FounderBank Capital and Anchorage Capital.
The round also saw participation from existing investors Blume Ventures, Beenext and Sequoia Surge. Angels who participated are Kunal Shah (CRED founder), Mars Shot Ventures (Razorpay Founders), Deb Deep Sengupta (former SAP India MD), Srinath (Zetwerks Founder), Ashish Dave (Mirae VC), Ankush Grover (Rebel Foods CEO), Aaryaman Vir Shah (Prophetic Ventures) and Ankit Sethi (Fung Investments), among others.
Procol, which works with a supplier network of 25,000+ for 70+ large enterprises, aims to use the capital to build and enhance solutions to solve India’s procurement problems through Procol’s procurement software and B2B marketplace.