Kushang, co-founder & CEO, SupplyNote said during the year of pandemic the start-up witnessed an 800% growth in digital procurement through its platform.
NEW DELHI, Oct 29 (The CONNECT) – Procurement automation start-up SupplyNote 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 USD $2.8 million since its inception in 2015. The company raised it’s previous rounds from GHV Accelerator, Artesian Ventures and DAS Capital amongst others.
“For the last 6 years, we've been working with some of the top F&B players of India, digitizing their supply chain and enabling rapid growth for them. During the year of pandemic (FY 2020-21), we have 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 South East Asia” said Kushang, co-founder & 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 digitized 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 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 couple of years, we have seen them growing impressively along with their numbers align with objectives set up collectively.” 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 digitized in the near future, and we can't wish for a better team to execute this vision," said William Bao Bean, General Partner at SOSV.
“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,” said Apoorva Ranjan Sharma - President and CO-Founder, Venture Catalysts.
“International F&B brands are entering to 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” said Sri Purisai, Founder and General Partner, Riso Capital
To enable the expansion plans, the brand 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 fulfilment 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.