Venture Catalysts has led a $1.2 million pre-Series A funding round in SupplyNote, a SaaS supply chain automation platform operated by Adcount Technologies Pvt Ltd.
The investment round saw participation from US-based Astor Management, SOSV, Riso Capital, and Manjal Investments, Angelbay, SucSEED Ventures, DevX Fund, Sarcha Advisors and Faad Network, the company said.
Including this round, the Noida-based brand has raised a total of $2.8 million since its inception in 2015.
In 2019, Adcount Technologies started SupplyNote with an aim to provide digitisation of procurement process and automation steps like inventory management, ordering, payment ledger management and to solve the supplier/product discovery problems within HoReCa industry.
To enable the expansion plans, the brand will be utilising funds in hiring and upgrading the tech stack, scale up its HoReCa marketplace, extend credit options through partners, enabling easier transactions between restaurants and suppliers, and reinforce its fulfilment service function, the company said.
It will also utilise a part of the amount in closing strategic partnerships with POS, Payments, and Loyalty companies. Understanding that the market is right for a tech intervention, the start-up aims to go aggressive in its approach, it added.
SupplyNote, founded by four engineers from IIT Kanpur, Kushang-CEO, Abhishek Verma-COO, Nitin Prakash-CPO and Harshit Mittal-CTO, helps food & beverages businesses digitise and automate their supply chain and procurement, respectively.
Last year in October, SupplyNote had raised $600,000 (Rs 4.4 crore) in a bridge funding round from a clutch of investors led by the United States-based SOSV and Australia’s Artesian Ventures.
“During the year of pandemic (FY20-21), we’ve witnessed a growth of 800% in digital procurement through our platform, with our presence in 41 cities in 3 countries. We are working towards further refining our tech offerings, and strengthening our presence within the F&B ecosystem in new geographies. By the end of the fiscal, we aim at widening our footprint in India, Middle East, and Southeast Asia,” said Kushang, co-founder & CEO, SupplyNote.
Adcount Technologies Pvt Ltd also operates restaurant-focussed online procurement platform Adurcup, which in January 2019 raised funding in a round led by Venture Catalysts.
“The Indian SaaS market is growing exponentially. It is anticipated to cut 4-6% of the global SaaS market by 2030. It has the potential to disrupt every vertical. F&B is one of the top industries to be disrupted by SAAS. And the timing could not be better, as due to the pandemic the industry is seeking the urgent need for tech support. SupplyNote is one of the start-ups that hold the potential to reform,” said Apoorva Ranjan Sharma - president and co-founder, Venture Catalysts.