Aahaa.in, an online platform for sourcing consumable goods for businesses, has announced that it has raised about $1 million in pre-Series A round from YourNest Angel fund and a consortium of investors.
With the new cash coming to the company, it is now going to utilize the funding to expand its operations to other cities of India. The platform, which has been live for around 16 months, is currently working with Ashok Leyland, Wipro and other stores in Chennai.
On its website, the company says that it saves money for companies by being a strategic national vendor for all indirect product purchases in place of 100s of vendors for 1000s of products and several 1000 transactions.
The Chennai-based company works on single-year as well as multi-year contracts with its partners and provides products such as stationery, housekeeping supplies, cafeteria supplies and IT consumables. It also provide analytics to companies to monitor the usage of certain supplies and optimise this across branches.
Its platform studies products customer need and quantities they order per month. Then, the company and customer organization agree on a rate contract or an annual PO. After that, the company configures its catalog, portal, controls for deployment. After its staff delivers approved orders, it submits a consolidated invoice statement every 15 days.
Asokan Sattanathan, co-founder of Aahaa and former executive director of supply chain at Bharti Airtel Ltd, said,
The indirect purchases make up 6-15% of a company’s expenses depending on the industry and the size of the organisation. By bringing this to a common platform, we help the companies consolidate their orders and provide end-to-end fulfilment.