Zinit raises USD $8M to drive AI-led procurement change

Zinit has secured USD $8 million in seed funding, valuing the company at USD $48 million as it seeks to introduce AI-driven transparency and automation to enterprise procurement processes.

The round was led by AltaIR Capital, with additional participation from DVC, noted for early investments in AI ventures.

Procurement automation

Despite technological advances, procurement in India remains largely reliant on manual workflows. Only 5 per cent of organisations have automated most of their procurement functions, leading to inefficiencies and wasted time on paperwork. Zinit's platform aims to address these issues by automating supplier discovery, request-for-proposal (RFP) creation, and multi-round negotiations through AI.

The company reports that its platform can reduce procurement cycle times by up to 40 per cent and generate potential savings of up to 30 per cent. Zinit's pricing model is designed around these outcomes, with a money-back guarantee if these benchmarks are not met.

"Today, we serve enterprise clients, streamlining the execution of hundreds of RFPs and sourcing events with unprecedented efficiency and transparency. Through AI automation, our platform helps companies cut procurement cycles by up to 40 percent and boost cost savings by up to 30 percent across our clients' spend. We guarantee results, or we give the money back. The new funding will accelerate product enhancements, strengthen Zinit's presence across existing high-growth markets, and support the company's expansion into the US," said Anton Buzdalin, Co-Founder and CEO, Zinit.

Regulatory pressures

The urgency for procurement transformation in India is mounting due to new rules requiring companies to pay MSME suppliers within 45 days. This has heightened the need for transparency and auditability in procurement, further motivating investment in digital solutions.

Zinit's technology is positioned as a fully automated service that does not require complex software integrations or lengthy IT deployments. It is being adopted by large organisations in India such as Bacardi India, Blackberry, UFLEX Limited, and United Colours of Benetton.

Zinit reports serving more than 100 enterprise clients, with its network exceeding 25 million suppliers, delivering an average of at least five qualified suppliers per RFP.

Leadership hires

To support its expansion, Zinit has appointed new leadership across several regions.

Naveenn Suri has been named as Regional Director for India. He has over 25 years of experience in procurement and supply-chain transformation and previously led EY's SAP Ariba practice in the region.

Michel Boczko joins as Regional Director for Latin America, bringing decades of experience from roles at GEP, Ivalua, Accenture, KPMG, and DHL Williams Lea.

Stan Moskovtsev will lead Zinit's US expansion as CEO for the United States, having most recently been Associate Partner at McKinsey & Company, where he led major procurement transformation initiatives.

Market expansion

The company says its approach delivers measurable savings of 10 to 30 per cent for purchases of non-proprietary materials on the open market. Zinit is now preparing to expand into the United States and into further parts of Latin America.

"Zinit is tackling a massive, global problem with a platform that is already showing strong adoption in some of the world's fastest-growing markets, and now expanding into the US. Their ability to combine AI-driven technology with local market execution makes them uniquely positioned to lead globally in B2B procurement systems, a category that's overdue for innovation," said Igor Ryabenkiy, Founder and Managing Partner, AltaIR Capital.

Image courtesy of Zinit. From left: Co-founders Andrey Chernogorov and Anton Buzdalin.