SaaS Supply Chain Automation Platform SupplyNote raises $1.2 million from Venture Catalysts
SupplyNote, a SaaS supply chain automation platform run by Adcount Technologies Pvt Ltd, has raised $1.2 million in a pre-Series A investment round headed by Venture Catalysts.
According to the company, Astor Management, SOSV, Riso Capital, and Manjal Investments, as well as Angelbay, SucSEED Ventures, DevX Fund, Sarcha Advisors, and Faad Network, participated in the financing round.
Since its founding in 2015, the Noida-based firm has raised a total of $2.8 million, including this round.
Adcount Technologies launched SupplyNote in 2019 with the goal of digitising the procurement process and automating procedures such as inventory management, ordering, and payment ledger management, as well as solving supplier/product discovery issues in the hospitality industry.
The brand will invest funds in hiring and upgrading its tech stack, scaling up its HoReCa marketplace, extending credit options through partners, enabling easier transactions between restaurants and suppliers, and reinforcing its fulfilment service function to enable the expansion plans, according to the company.
A portion of the funds will be used to form strategic partnerships with POS, Payments, and Loyalty organisations. The start-up intends to be proactive in its approach, recognising that the market is ready for a tech intervention, it stated.
SupplyNote, formed by four IIT Kanpur engineers, Kushang, CEO, Abhishek Verma, COO, Nitin Prakash, CPO, and Harshit Mittal, CTO, assists food and beverage companies in digitising and automating their supply chain and procurement.
In October of last year, SupplyNote raised $600,000 (Rs 4.4 crore) in a bridge funding round from a group of investors led by SOSV in the United States and Artesian Ventures in Australia.
“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.
According to the company, Astor Management, SOSV, Riso Capital, and Manjal Investments, as well as Angelbay, SucSEED Ventures, DevX Fund, Sarcha Advisors, and Faad Network, participated in the financing round.
Since its founding in 2015, the Noida-based firm has raised a total of $2.8 million, including this round.
Adcount Technologies launched SupplyNote in 2019 with the goal of digitising the procurement process and automating procedures such as inventory management, ordering, and payment ledger management, as well as solving supplier/product discovery issues in the hospitality industry.
The brand will invest funds in hiring and upgrading its tech stack, scaling up its HoReCa marketplace, extending credit options through partners, enabling easier transactions between restaurants and suppliers, and reinforcing its fulfilment service function to enable the expansion plans, according to the company.
A portion of the funds will be used to form strategic partnerships with POS, Payments, and Loyalty organisations. The start-up intends to be proactive in its approach, recognising that the market is ready for a tech intervention, it stated.
SupplyNote, formed by four IIT Kanpur engineers, Kushang, CEO, Abhishek Verma, COO, Nitin Prakash, CPO, and Harshit Mittal, CTO, assists food and beverage companies in digitising and automating their supply chain and procurement.
In October of last year, SupplyNote raised $600,000 (Rs 4.4 crore) in a bridge funding round from a group of investors led by SOSV in the United States and Artesian Ventures in Australia.
“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.
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