- The modern procurement landscape is becoming increasingly challenging for businesses.
- Oro faces competition from Level Path, Pivot, Pando, and Zip, it stands out as a promising contender in the industry.
- Oro Labs' impressive progress includes raising $60 million, with $34 million secured in a Series B round led by prominent investors.
Nowadays, acquiring goods and services to fulfill organizational duties, known as procurement, is increasingly challenging for businesses. According to a recent poll by Ivalua and Procurious, 32% of procurement teams admit to taking shortcuts to address difficulties more efficiently due to pressure from executives.
Sudhir Bhojwani, Lalitha Rajagopalan, and Yuan Tung founded Oro Labs to help businesses overcome obstacles by synchronizing supplier management and procurement processes across different systems and data.
Oro has several competitors, including Level Path, Pivot, Pando, and Zip. Moreover, Ramp, an industry veteran, has recently announced its plan to offer procurement solutions, services, and goods for enterprise-level clients.
Funding and Statistics
Oro has raised $60 million, with $34 million secured in a Series B round led by Felicis and participation from B Capital, XYZ Venture Capital, Norwest Venture Partners, and others. CEO Bhojwani plans to use the funds to expand Oro's operations and clientele, as well as develop new use cases for the platform.
Oro has increased its customer base by over 400% in the past year. The company currently has 90 full-time employees in the U.S., India, and Europe and plans to hire 100 employees by the end of the year. Bhojwani states that the annual recurring revenue is between $1 million and $10 million.
Oro offers tools that require no coding skills to create workflows for managing risks, onboarding suppliers, and invoicing. The platform presents dashboards that gather data from various procurement systems and applications in a single place, as well as templates for streamlining procurement decision-making processes.
Oro brought the solution to the problem of procurement and is improving and enhancing the supply chain.
Edited by Shruti Thapa