SupplyNote on Thursday said, “It has raised $1.2 million in pre-series A round led by Venture Catalysts.”
The investment round saw participation from the US-based Astor Management, SOSV, Riso Capital, and Manjal Investments, Angelbay, SucSEED Ventures, DevX Fund, Sarcha Advisors, and Faad Network.
SupplyNote in its statement said, “It will be utilizing 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 fulfillment service function.”
“It will also utilize a part of the amount in closing strategic partnerships with POS, Payments, and Loyalty companies. Understanding that the market is right for a tech intervention, the start-up aims to go aggressive in its approach,” the statement added.
Including this round, the brand has raised a total of $2.8 million since its inception in 2015. The company raised its previous rounds from GHV Accelerator, Artesian Ventures, and DAS Capital amongst others.
Speaking on the fundraise, Kushang, Co-founder & CEO, SupplyNote said, “During the year of pandemic (FY 2020-21), 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.”
Launched in 2019 by Kushang, Abhishek Verma, Nitin Prakash, and Harshit Mittal, SupplyNote provides end-to-end digitization of procurement process and automation steps like inventory management, ordering, payment ledger management and to solve the supplier/product discovery problems within the HoReCa industry.
Commenting on the investment in SupplyNote, Vikrant Varshney, Managing Partner – SucSEED Innovation Fund said, “SupplyNote is using technology and an innovative business model to digitize the supply chain for F&B businesses while focusing on upgrading the relationship between businesses and their suppliers. Having been invested in them for a couple of years, we have seen them growing impressively along with their numbers aligning with objectives set up collectively. “
“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 digitized in the near future, and we can’t wish for a better team to execute this vision,” William Bao Bean, General Partner at SOSV added.
Further speaking on the funding round, Apoorva Ranjan Sharma, President & Co-founder, Venture Catalysts said, “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 start-ups that hold the potential to reform.”
“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 operationalize their operations worldwide” Sri Purisai, Founder and General Partner, Riso Capital further added.