H3Mart, a B2B procurement platform for the hospitality industry, announced raising USD 500,000 in pre-seed funding. Marquee Investors like Vineet Saxena – Co-founder, Myntra, Akash Gehani – Co-founder, Instamojo, Anuj Rathi – Product SVP, Swiggy, Sachin Agarwal – Co-founder, Bizongo, Karan Tanna – Founder, Ghost Kitchens, Sunder Nookala – Co-founder Kwench & Comdex Solutions amongst others backed the company.
Founded by Daksh Asija and Arjun Wadhwa in April21, H3Mart aims to disrupt Indias traditional B2B procurement landscape through its tech-enabled supply chain automation and supply chain financing. After 6 months of operations, H3Mart continues to grow rapidly with 60% growth MOM and expects to hit an Annual GMV of USD 2M by the end of March 2022.
Commenting on this, Daksh Asija, Co-founder and CEO, said, “Since the beginning of the COVID-19 pandemic, B2B SaaS solutions have seen significant adoption due to remote working conditions and serious changes in business consumption patterns. With supply chains struggling to survive, our resilient technology platform helps businesses to streamline product discovery, seller selection, and payment cycles in the game. We believe that this is the perfect time for us to penetrate the market and expand rapidly.”
Sachin Agarwal, Co-founder, Bizongo, says, “Hospitality sector is one of the few big categories that has not been digitized yet. From our conversations with various businesses in this space, the inefficiencies are evident. They are looking for ways to be future-ready and fully digitized. This is where companies like H3Mart can come in and make a big difference. I am exhilarated to partner with Daksh, Arjun, and the rest of the H3Mart team as they transform how businesses in hospitality source and manage their upstream supply chains.“
Akash Gehani, Co-founder, Instamojo, one of the angel investors, says, “Although other sectors around the globe are rapidly catching up on the digital transformation wave, the B2B procurement landscape is still developing in India. I like that H3Mart is going after a huge and difficult market, which has a great scope or disruption via online commerce. H3Marts early customer and revenue numbers prove that such businesses have great potential and appetite to make an impact.”
About H3Mart
H3Mart is B2B Managed Marketplace for Hospitality Procurement. We compare prices of every product across online and offline sellers and guarantee cost savings on every purchase. Daksh & Arjun, the founders of H3Mart have been friends & flatmates since 2013. They met in the Google Developers Group in VIT University where they worked on multiple of disruptive projects. After graduating in 2017, Daksh started working for Morgan Stanley as a software engineer and later went on to work with Happay which offers expense management solutions to businesses. Arjun, on the other hand, started working for General Electric initially and later joined Walmart labs in inventory & fulfillment management for Walmart e-commerce.
They both started off their journey with a small cloud kitchen in Bangalore and the struggles they faced in sourcing raw material for this business made them realise that procurement in hospitality businesses is a much bigger problem to solve. That’s when H3Mart was born! H3Mart aims to become India’s Largest B2B managed marketplace for Hospitality Procurement which is simplifying seller selection, product discovery and payment cycles for brands like Shangri La, Marriott, Barbeque Nation & 100+ boutique hotels and restaurants. With marquee investors like founders of Instamojo, Bizongo, Myntra & Clarks Group of Hotels backing H3Mart’s vision, the company is rapidly increasing product offerings and expanding into other geographies.
For more information, please visit: www.h3mart.com.
The post B2B Procurement Startup H3Mart Raises USD 500,000 in Pre-seed Funding, Prepares for Diversification and Expansion appeared first on Startup Stories.
Source :- https://www.startupstories.in Author :- Startup Stories Date :- February 09, 2022 at 01:55PM