Hyderabad-based business-to-business procurement startup Badhaan on Thursday said it has secured an undisclosed amount in a seed funding led by India Accelerator’s angel investors’ network iAngels.
The round also saw participation from a clutch of high net-worth individuals and industry veterans including Pramod Veturi, Sivaram Vallampati and Anand Mahadevan, among others.
A person close to the development told VCCircle that the deal size was pegged at Rs 1 crore.
The fresh funds will be deployed for business expansion, rolling out private label brands and platform’s development.
Founded by Vishnu Vikyath G and Manoj Mareedu in 2021, Badhaan offers raw material procurement and an inventory management platform for restaurants.
The company claimed to have delivered over 1,000 orders to more than 100 customers. Currently, it serves across Hyderabad and Chennai and plans to expand its presence in two more cities by the end of financial year 2023.
“What Badhaan does is improve a restaurant/cloud kitchen's bottom line, inventory position and cash-flow. Our vision has always been to empower business financially and that's what drives real value in B2B markets,” said Vikyath G.
"Raw material procurement accounts for 35% of a restaurant's cost structure and presents a host of challenges from SKU management, quality and delivery consistency and cash flow management. There is immense potential for a data-driven platform to disrupt the market, and Badhaan is doing just that,” said Munish Bhatia, Co-founder at India Accelerator.
As per a report by venture capital firm Kalaari Capital, the total investments in the agritech industry grew four times in 2021-22, driven by better mobile internet penetration, technology solutions, innovative founders, the adoption of newer supply chains and the government's focus on farm-reforms.