The Noida-based supply chain automation platform, Supplynote (1), has secured 600,000 USD in a bridge round. SOSV, the US-based multi-stage venture capital firm, and Artesian Ventures, a global VC firm based in Australia, led the recent fundraising.
The startup’s existing investors, including SucSEED Ventures, Venture Catalysts, CIO Angel Network, and angel investors like Angad Soni, Arjun Soni, and Sunny Vohra, participated in the funding round.
Notably, Supplynote is the second platform in supply chain digitization in the F&B industry by Adcount Technologies, its parent entity. In 2015, the firm launched a B2B ecommerce platform named Adurcup.
Since its inception, the parent company has secured a total of 1.6 million USD, including the recent proceeds. Supplynote stated that the company would utilize the latest infusions in business development activities, product development, and expansion pan India.
Supplynote to enable end-to-end supply chain digitization with a two-way SaaS platform
Kumar Kushang, CEO, Abhishek Verma, COO, Nitin Prakash, CPO, and Harshit Mittal, CTO founded Supplynote in 2019. The startup works with both suppliers and restaurants and connects them via its two-way SaaS platform.
It allows end-to-end digitization of the procurement process and automation steps such as inventory management, payment ledger management, ordering, and solving the supplier/product discovery problems.
While commenting on the recent fundings, the Co-founder and CEO of Supplynote, Kushang, stated that the team is delighted to raise funds amid a troubled economy when most industries are struggling, including restaurant, the key target for the company.
He added that our solution would enable restaurants to fast-track their journey and regular business by saving money on inventory and better managing the supply chain. As the clients are now struggling to return to normalcy, the solution is more relevant.
Notably, Supplynote is planning to enable 200 more restaurant outlets across the country with its solution by the end of FY2020. The startup aims to reach a 100 million USD transaction volume run rate in the next two years. At present, the company is managing approximately 1.3 million USD monthly.