B2B supply chain management company SupplyNote has raised $1.2 million in its latest pre-Series A funding round, led by Venture Catalysts and included participation from Astor Management, SOSV, Faad Network, DevX Fund, Sarcha Advisors, SucSEED Ventures, Manjal Investments, Angelbay, and Riso Capital.
With this, the startup has raised $2.8 million to date, including the funds it raised from GHV Accelerator, Artesian Ventures, and DAS Capital earlier.
The proceeds from the funding round will be used for hiring and upgrading its technology stack, scaling up its HoReCa marketplace, extending credit options through partners, enabling easier transactions between restaurants and suppliers, and reinforcing its fulfillment service function.
Additionally, some of the funds will be used to close strategic partnerships with POS, Payments, and Loyalty companies. It aims to enter new markets and strengthen its presence in the F&B ecosystem, and aims to expand in India, the Middle East, and South-East Asia by the end of the fiscal year.
SupplyNote, which is the second entity of Adcount Technologies, helps F&B businesses digitize and automate their supply chain and procurement and helps them manage inventory, place orders, and uncover sales performance insights. Started with the aim to provide end-to-end digitization of procurement process and automation of steps and solve the supplier/product discovery problems within the HoReCa industry, SupplyNote registered a growth of 800% during FY20-21 and is currently present in 41 cities in 3 countries.
“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” said Sri Purisai, Founder and General Partner, Riso Capital.
“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 startups that hold the potential to reform,” said Apoorva Ranjan Sharma – President and CO-Founder, Venture Catalysts.