[Funding alert] SaaS startup SupplyNote raises $1.2 M in Pre-Series A round led by Venture Catalysts
To enable its expansion plans, SupplyNote will be utilising funds in hiring and upgrading the tech stack, scaling up its HoReCa marketplace, and more.
, a SaaS platform that helps F&B businesses digitise and automate their supply chain and procurement, on Thursday announced that it has raised $1.2 million in Pre-Series A round, led by Venture Catalysts.
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. Including this round, the brand has raised a total of $ 2.8 million since its inception in 2015.
SupplyNote is the second entity of Adcount Technologies, which was founded in 2015 by four engineers from IIT Kanpur, Kushang-CEO, Abhishek Verma-COO, Nitin Prakash-CPO and Harshit Mittal-CTO.
To enable its 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.
It will also utilise a part of the amount in closing strategic partnerships with POS, payments, and loyalty companies.
“The Indian SAAS market is growing exponentially. It is anticipated to cut 4-6 percent 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 startups that hold the potential to reform,” said Apoorva Ranjan Sharma - President and CO-Founder, Venture Catalysts.
In 2019, the company started SupplyNote to provide end to end digitisation of procurement process and automation of steps like inventory management, ordering, payment ledger management and to solve the supplier/product discovery problems within the HoReCa industry.
“For the last six years, we've been working with some of the top F&B players of India, digitising their supply chain and enabling rapid growth for them. During the year of pandemic (FY 2020-21), we’ve witnessed a growth of 800 percent 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 South-East Asia” said Kushang, Co-founder and CEO, SupplyNote.
“India is expected to be ranked amongst the Top 5 business Hospitality markets globally by 2030. The F&B Ecosystem in India is phenomenally digitised by food delivery apps that are playing on the consumer side of the business. However, there's a large opportunity on the backend side - that is essentially the supply chain. SupplyNote is using technology and an innovative business model to digitise the supply chain for F&B businesses while focusing on upgrading the relationship between businesses and their suppliers,” said Vikrant Varshney, Managing Partner - SucSEED Indovation Fund.
"SupplyNote is powering the backbone of India's economy. Having worked with the team since 2019, we're impressed with SupplyNote's steep growth curve throughout the pandemic, their culture of experimentation, and their obsession with serving customers. India's supply chain will be seamlessly but drastically more digitised in the near future, and we can't wish for a better team to execute this vision," added William Bao Bean, General Partner at SOSV.
“International F&B brands are entering India and intend to scale their presence. SupplyNote provides them with an intelligent platform for such a scale, connecting local supply networks to the spread-out outlets bringing the infrastructure push that these businesses need to grow exponentially in India. Furthermore, it allows them to take this platform to operationalise their operations worldwide” said Purisai, Founder and General Partner, Riso Capital.
Edited by Saheli Sen Gupta