Supply chain automation platform -Supplynote raises USD 600K from SOSV and others
21st, October 2020 - Startup funding
Supplynote, a supply chain automation platform has raised 600K USD in a bridge round. The round has been led by the US-based multi-stage venture capital firm SOSV and Australia-based global VC firm Artesian Ventures. Existing investors SucSEED Ventures, CIO Angel Network, Venture Catalysts, and angel investors Arjun Soni, Angad Soni and Sunny Vohra also participated in the round.
Supplynote works for both restaurants and suppliers and connects them seamlessly on its two-way SaaS platform. This allows end-to-end digitization of the procurement process
The funding will be utilized in business development activities and expansion pan India. A part of the funding will also be utilized in product development. The funds will be deployed in a phased manner given the current unprecedented times when the markets are uncertain across the globe.
Commenting on the fund-raising during the pandemic, Kushang, co-founder and CEO of Supplynote said, "We are delighted that we could raise funds even during the current difficult times when most of the industries are struggling including the restaurant industry which is the key target audience for our solution. Our solution will enable the restaurant outlets to fast-track their journey back to their regular business by helping them save money on their inventory and manage their supply chain better. The solution is more relevant to the clients now when they are struggling to return to normalcy."
"The restaurant industry, strong-armed by delivery platforms, is ripe for digitalization and disruption. Supplynote enables restaurants not only to increase profit by 70% but also to supercharge their supply chain efficiency. The solution by Supplynote has gained great traction in a very short span of time. And as things return to normalcy in the market post COVID19, we anticipate a surge in demand for this unique solution," said William Bao Bean, General Partner at SOSV, Managing Director of MOX - Mobile Only Accelerator.
"Technology continues to play a pivotal role for any industry today, in order to help businesses, get back to normalcy, as the world is coping with Covid-19. For the F&B industry specifically, Supplynote has created one of the best examples of Digital Transformation, showing how such an unorganised aspect of the F&B business can be solved with the use of Digital Technology. It's time for other industries to learn from such case studies, and identify opportunities for Digital Transformation within their respective domains. Congratulations to the founders for creating this example to be reckoned with," said Mr.Vikram Upadhyaya, Founder, GHV Accelerator.
"The idea to address a long-prevailing challenge in the supply chain in the restaurant industry is itself very unique in the market. In a very shot span of time, the solution by Supplynote has caught the right attention. We see this solution getting accepted across the industry and becoming a 'must' for any restaurant business," said Mr. Vikrant Varshney, Managing Partner, SucSEED Ventures.
Supplynote plans to enable 2000 more restaurant outlets in India with its unique solution, by the end of the current fiscal year. With monthly transactions worth approximately USD 1.3 M managed on the platform, the startup anticipates a multifold growth in the coming times. It also aims at reaching USD 100M transaction volume run rate in the next 2 years. Adopting the Supplynote solution has enabled restaurant outlets to reduce their operational cost by 8-10%. On average the solution can help a restaurant increase the profit margins by 70 percent.
Incepted in 2019, Supplynote is a supply chain automation platform providing SAAS platform to restaurants. Established by the founders- Kushang-CEO, Abhishek Verma-COO, Nitin Prakash-CPO, and Harshit Mittal-CTO, the company was started with an aim to provide 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. Over the period the company has witnessed a 150 % of YoY growth. The company is funded by -Sucseed Ventures, Venture Catalysts, CIO Angels,91 Springboard and GHV Accelerator. Supplynote is the second platform in the direction of digitization of supply chain in f&b industry, by the parent company Adcount Technologies. In 2015, the company had launched the platform Adurcup. Including the current fundraise, the company-Adcount Technologies has raised a total of USD 1.6 M since its inception.
SOSV is a top-performing US-based venture capital firm with over US$740 million under management as of 2020. Recognized as the world's 2nd most active seed investor in 2019 by Crunchbase, SOSV backs more than 150 startups annually through its global accelerators. SOSV operates HAX, the world's first hardware accelerator (in Shenzhen, San Francisco, and Tokyo); Chinaccelerator, the first startup accelerator in China (in Shanghai); MOX, the accelerator for mobile-only markets (in Taipei); IndieBio, the first startup accelerator for life science and biotech (in San Francisco and New York); and Food-X, the disruptive food tech and agritech accelerator (in New York City).
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