NowPurchase, a leading SaaS-powered marketplace for the metal manufacturing industry, has successfully completed its inaugural Employee Stock Option Plan (ESOP) buyback.
This milestone comes shortly after the company secured $6 million in a funding round in September, which combined equity and debt investments led by Info Edge Ventures. Earlier, in January 2022, NowPurchase had raised $2.4 million in seed funding from Orios and InfoEdge Ventures.
Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase operates by sourcing raw materials through its scrap recycling and metal cloud solutions, offering significant advantages to metal manufacturers.
The platform also features a WhatsApp bot to provide users with real-time price updates and inventory status, along with a dedicated team for on-site services and quality assurance. Additionally, its proprietary SaaS platform optimizes the manufacturing workflows for greater efficiency.
The company’s flagship platform, MetalCloud, functions as a central operating system that enhances transparency and operational efficiency across metal production and melting stages. NowPurchase serves over 250 factories throughout the metal supply chain, including high-profile clients such as Titagarh Rail Systems Limited and Brakes India.
Data from TheKredible reveals that in 2024, more than 20 startups have introduced ESOP buyback, liquidity, and payout schemes, collectively valued at around $200 million.