Supplynote, a supply chain automation platform operated by Adcount Technologies Pvt Ltd, has raised $600,000 (Rs 4.4 crore at current exchange rates) in a bridge funding round from a clutch of investors.
This bridge exercise has been led by the United States-based SOSV and Australia’s Artesian Ventures, Noida-based Supplynote said in a statement.
Others that participated include existing investors such as SucSEED Ventures, CIO Angel Network, Venture Catalysts, and angel backers including Arjun Soni, Angad Soni, and Sunny Vohra.
Supplynote, set up last year by Kushang, Abhishek Verma, Nitin Prakash and Harshit Mittal, says it operates as a software-as-a-service-based automation platform for restaurants and suppliers, helping them connect with one another. Its platform allows for the end-to-end digitisation of the procurement process.
It will use the capital it has raised for business development activities as well as geographical expansion across India. It will also utilise some of the funding for product development.
“Supplynote enables restaurants not only to increase profit by 70% but also to supercharge their supply chain efficiency. The solution by Supplynote has gained great traction in a very short span of time,” SOSV general partner William Bao Bean said.
The company says it is planning to onboard at least 2,000 more restaurants to its platform by the end of the current financial year. It claims that its platform currently manages monthly transactions worth $1.3 million and that it has helped restaurants reduce operational costs by 8-10%.
Adcount Technologies Pvt Ltd also operates restaurant-focussed online procurement platform Adurcup, which in January last year raised funding in a round led by Venture Catalysts. A clutch of individual investors also participated in that exercise.
Prior to this, Adurcup had raised three rounds of funding, including from investors such as the founders of Dineout, early-stage firm Green House Ventures (GHV).