Global procurement push accelerates after Zinit seed funding led by AltaIR Capital

Artificial intelligence led sourcing platform Zinit has raised fresh capital to scale its procurement as a service model across key global markets. The Zinit seed funding round totals 8 million dollars, led by AltaIR Capital, and values the company at 48 million dollars. The round also includes DVC, an early backer of several leading artificial intelligence firms, which will advise on strategy.

Zinit plans to use the funds for product development, international growth and deeper expansion in its priority markets, with a particular focus on India. To lead the India business, the company has appointed Naveenn Suri as regional director. He brings more than 25 years of experience in supply chain transformation and previously led the SAP Ariba practice at EY in India.

As part of its wider scaling strategy, Zinit is also aligning senior leadership in other regions. The company has named Michel Boczko as regional director for Latin America and Stan Moskovtsev, formerly with McKinsey, as chief executive for the United States.

Founded in 2023 by Andrey Chernogorov and Anton Buzdalin, Zinit describes itself as a global artificial intelligence native sourcing platform that automates and brings transparency to procurement through a procurement as a service model. The platform helps businesses launch competitive sourcing events quickly without complex integrations, using artificial intelligence to prepare detailed requests for proposals and engage new suppliers.

The company pairs technology with local execution to deliver measurable savings at speed. Its commercial model combines success fee pricing and flexible software as a service licensing, which it says keeps costs lower than legacy procurement suites. Clients are offered guaranteed outcomes or a full refund, aligning incentives between the platform and its users.

Zinit currently operates in 5 countries, serving more than 100 enterprise customers and a network of over 100000 suppliers. The company has already built a significant localised supplier network in India and is using automation to reduce sourcing cycle times by streamlining supplier discovery, request creation and multi round negotiations.

The platform is used by more than 100 enterprise clients, including operations of brands such as Bacardi India, UFLEX and United Colors of Benetton.

Regional director for India Naveenn Suri said enterprises in the country are moving rapidly from basic digitisation to intelligent automation and want immediate returns and governance rather than long implementation cycles. He said Zinit ability to automate supplier discovery and negotiation while guaranteeing cost savings fits well with the focus on efficiency and bottom line impact.

Co founder and chief executive Anton Buzdalin said the funding will accelerate the company artificial intelligence roadmap and deepen presence in its fastest growing markets. He called India central to the growth story and said bringing Naveenn on board reinforces a long term commitment to the region.

AltaIR Capital founder and managing partner Igor Ryabenkiy said Zinit is addressing a large problem with a platform that is already seeing strong adoption in fast growing markets and is well placed to lead globally in business to business procurement systems.

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