Supplynote, a Noida-based supply chain automation platform, has raised $600,000 in a bridge round led by the US-based multi-stage venture capital firm SOSV and Australia-based global VC firm Artesian Ventures.
Existing investors SucSEED Ventures, CIO Angel Network, Venture Catalysts, and angel investors Arjun Soni, Angad Soni and Sunny Vohra also participated in the round.
Supplynote is the second platform in the direction of digitisation of supply chain in F&B industry, by the parent company Adcount Technologies. In 2015, it launched the platform Adurcup, a B2B ecommerce platform.
Including the current fundraise, the parent firm has raised a total of $1.6 million since its inception.
The startup said the latest funding will be utilised in business development activities and expansion pan India. A part of the funding will also be utilised in product development.
(L-R) Harshit Mittal, Abhishek Kumar, Nitin Prakash and Kumar Kushang
Founded in 2019 by Kumar Kushang (CEO), Abhishek Verma (COO), Nitin Prakash (CPO), and Harshit Mittal (CTO), Supplynote works for both restaurants and suppliers and connects them on its two-way SaaS platform. This allows end-to-end digitisation of the procurement process and automation steps like inventory management, ordering, payment ledger management and to solve the supplier/product discovery problems.
“We are delighted that we could raise funds even during the current difficult times when most of the industries are struggling including the restaurant industry, which is the key target audience for our solution. Our solution will enable the restaurant outlets to fast-track their journey back to their regular business by helping them save money on their inventory and manage their supply chain better. The solution is more relevant to the clients now when they are struggling to return to normalcy,” said Kushang, Co-founder and CEO of Supplynote.
Supplynote plans to enable 2000 more restaurant outlets in India with its solution by the end of the current fiscal year. With monthly transactions worth approximately $1.3 million managed on the platform, the startup aims at reaching a $100 million transaction volume run rate in the next two years.
Adopting Supplynote solution has enabled restaurant outlets to reduce their operational cost by 8-10 percent, the startup claimed.
“The restaurant industry, strongly-armed by delivery platforms, is ripe for digitalisation and disruption. Supplynote enables restaurants not only to increase profit by 70 percent but also to supercharge their supply chain efficiency,” added William Bao Bean, General Partner at SOSV, Managing Director of MOX - Mobile Only Accelerator.
Edited by Megha Reddy
Link : https://yourstory.com/2020/10/funding-supply-chain-automation-platform-supplynote-sosv-artesian-ventures
Author :- Sujata Sangwan ( )
October 21, 2020 at 12:22PM
YourStory