Zinit, an AI-powered procurement platform, is valued at $48 million after raising $8 million in a seed round headed by AltaIR Capital. Zinit's AI roadmap will be supported by DVC, an early-stage investor that previously supported Perplexity.

Key Highlights

• Zinit raises $8 M seed funding led by AltaIR Capital, valuing company at $48 M.
• Funding will accelerate AI-powered sourcing platform’s expansion in India and global markets.

The money raised will go into developing new products and expanding internationally. Zinit has named Stan Moskovtsev (formerly at McKinsey) as CEO for the US and Michel Boczko as Regional Director for Latin America as part of its global expansion.

In order to promote enterprise adoption in the regional market, the company has also named Naveenn Suri as Regional Director for India. Suri has more than 20 years of experience in supply-chain transformation and procurement, having previously headed EY's SAP Ariba practice.

As businesses shift to digital procurement, Zinit is focusing on India as one of its fastest-growing markets. The software promises to automate multi-round negotiations, RFP writing, and supplier search for businesses. It claims that procurement teams can lower expenses by up to 30% and shorten sourcing cycles by up to 40% by utilizing Zinit.

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According to the brand, it has established a network of more than 100,000 suppliers and currently works with more than 100 enterprise clients, such as Bacardi India, UFLEX Limited, and United Colors of Benetton.

Zinit offers audit-ready trails for compliance and uses a success-fee and SaaS-based pricing model.