Procurement intelligence and analytics company Beroe has raised $10 million in a round led by Access India Fund, a mid-market PE fund.
Beroe was co-founded by BITS-Pilani alumnus Vel Dhinagaravel along with professors Robert Handfield and Mitch Javidi, providing market intelligence and analytics to the procurement teams of large firms to help them with cost optimization. It has offices in Chennai, Bengaluru and North Carolina (US).
“Some 10 years back, procurement was a backwater. Though things have changed significantly, there’s a large delta in terms of investment, real-time intelligence and insights to procurement teams,” Dhinagaravel said.
Beroe is focused on industries including healthcare, food & beverages, chemicals, materials, mining, oil & gas, and banking & financial services. It counts German giant BASF as one its big clients besides working with some 80-odd Fortune 500 companies. Investment bank MAPE advised on the latest fund-raising.
Nilesh Mehta and Sangeeta Modi floated Access India Fund in 2011. Its other investments include J K Shah Classes, Nobel Hygiene, Alliance Insurance Brokers and Teleysia Networks.
“Beroe has moved away from a labour arbitrage model to knowledge-based model, developing a roster of analysts in each of the industries they serve. This gives it a high stickiness factor reflecting in the revenues,” said Mehta, managing partner of Access Asset Managers.
