"AI for procurement that executes, not assists."
Procol's wordmark. The New-York-and-Gurugram startup is building what its founders call "the world's simplest sourcing platform" - and handing routine buying to autonomous AI agents.
Procurement rarely makes headlines. It is the unglamorous machinery by which a manufacturer sources steel, an FMCG brand contracts packaging, or a retailer stocks shelves - a process that at many large enterprises still runs on email threads, spreadsheets, and weeks of back-and-forth. Procol's wager is that this machinery is overdue for software people actually want to use.
Founded in 2018 by Gaurav Baheti and Sumit Mendiratta, Procol builds an AI-powered platform that automates the full source-to-pay cycle: intake requests, strategic sourcing, reverse auctions, supplier onboarding and management, contracts, payments, and spend analytics. The company frames the payoff in blunt operational terms - procurement roughly 50% more efficient, about twice as fast, and 2-10% in delivered cost savings.
The more recent bet is agentic. Rather than pitch AI as a co-pilot that summarizes documents, Procol has shipped a suite of purpose-built agents that carry out the work: an Intake agent, an Autonomous Sourcing agent, a Supplier Ops agent, a Spend Analytics agent, and an Invoice Resolution agent. The claim that captures the ambition is a compressed timeline - a source-to-pay cycle that takes 23 days by hand, done in under four.
"Procurement is undergoing a fundamental shift from task-based automation to intelligent orchestration powered by AI agents."— Gaurav Baheti, Founder & CEO
Procol sells to mid-market and large enterprises with meaningful procurement spend - concentrated in manufacturing, FMCG, real estate, oil and gas, and retail, where sourcing volume is high and margins turn on getting the buy right.
Named customers span consumer giants and industrial names alike:
The problems it solves. Fragmented approvals, opaque spend, slow negotiations, and supplier data scattered across inboxes. Procol pulls these into one system - routing approvals automatically by spend, running competitive eAuctions to drive prices down, scoring supplier performance, and giving finance and procurement a shared, real-time view of where the money goes.
Procol's marketing centers on three measurable claims. The bars below reflect figures the company publishes - directional, and dependent on each customer's baseline.
Procol combines self-serve software with white-glove implementation and managed sourcing. The core pieces:
Intake, Autonomous Sourcing, Supplier Ops, Spend Analytics, and Invoice Resolution agents that carry work from purchase request to purchase order and reconciliation.
AI-powered eRFX and reverse auctions. Launch RFXs in minutes, convert quotes into live auctions with one click, and flag fraudulent bids. 45+ auction strategies.
A unified lifecycle covering intake, sourcing, contracts, payments, vendor management, and spend analytics - with data flowing between procurement and finance.
RFQ management, negotiation tools, supplier discovery, and cost optimization across events - the module Procol first scaled.
Onboarding, compliance tracking, performance scorecards, and an interactive supplier portal for two-way collaboration.
Real-time, AI-built dashboards for CPOs tracking spend, savings, cycle times, and team performance.
Procol competes in a crowded field: legacy suites like SAP Ariba, Coupa, GEP, Zycus, Ivalua, and JAGGAER, plus a wave of AI-native sourcing startups. Those incumbents are powerful and deeply entrenched - and, Procol argues, heavy to deploy and harder to love.
Its differentiation rests on three ideas. First, simplicity and a mobile-first interface, so buyers can approve, source, and negotiate from a phone. Second, agentic execution rather than assist-only tooling - agents that do the task, not just suggest it. Third, white-glove service, pairing the software with hands-on implementation and managed sourcing. The founders, both engineers-turned-operators from Google, Zomato, and OYO, describe the goal simply: the world's simplest sourcing platform.
Where it fits. Procol sits in the source-to-pay / procurement software market, positioning as the nimble, AI-native challenger to legacy suites - and increasingly as an early mover in multi-agent systems for the enterprise back office, a placement Gartner acknowledged in its 2026 Hype Cycle.
Gaurav Baheti and Sumit Mendiratta start Procol in Gurugram to bring enterprise procurement online.
Procol joins the Surge accelerator and raises early capital from Blume Ventures and Beenext.
Reverse-auction and RFx capabilities expand for enterprise buyers and SMB sellers.
~$6.4M round led by GMO Venture Partners and others accelerates product and growth.
Purpose-built agents ship across intake, sourcing, supplier ops, spend, and invoicing.
Named for Multi-Agent Systems in the Gartner Hype Cycle for Procurement & Sourcing Solutions.
Founder & CEO. Ex-Google New York, Zomato, iSPIRT. Forbes Asia 30 Under 30. Describes himself as an engineer turned designer turned entrepreneur.
Co-founder. Ex-OYO and Zomato. Forbes Asia 30 Under 30.
Led by GMO Venture Partners with Alarko, Esas, FounderBank Capital, Anchorage, and existing backers Blume, Beenext, and Sequoia Surge.
Backers include Blume Ventures, Peak XV (Sequoia Surge), Beenext, GMO Venture Partners, and Rainmatter across four rounds.
Procol is an AI-powered procurement platform that automates the full source-to-pay cycle - intake, strategic sourcing, eAuctions, supplier management, and spend analytics - for enterprise procurement and finance teams.
Procol was founded in 2018 by Gaurav Baheti (Founder & CEO) and Sumit Mendiratta, both named to Forbes Asia 30 Under 30.
Procol reports 200+ enterprise customers managing over $20B in spend, including IKEA, Hershey's, Coca-Cola, Reliance Industries, Havells, Emami, and the Tata Group.
Procol raised a Rs 51 crore (~$6.4M) Series A in September 2022 and has raised roughly $11–16M total from investors including Blume Ventures, Peak XV (Sequoia Surge), Beenext, and GMO Venture Partners.
Procol positions itself as simpler and more mobile-first than legacy suites, emphasizing AI agents that execute procurement work end to end plus white-glove service, rather than heavyweight, assist-only tooling.