SupplyNote raises $1.2M in pre-Series A round led by Venture Catalysts
SupplyNote recently announced that it raised $1.2 million in its pre-Series A funding round led by Venture Catalysts. The round also saw participation from Astor Management, SOSV, Riso Capital, and Manjal Investments, Angelbay, SucSEED Ventures, DevX Fund, Sarcha Advisors, and Faad Network.
The startup plans on using the capital raised in its expansion plans. They will be focusing on hiring and upgrading their tech stack, scaling their marketplace, extending credit options through partners, enabling easier transactions between restaurants and suppliers, and reinforcing their fulfilment service function.
SupplyNote co-founder and CEO Khushang said, “For the last six years, we’ve been working with some of the top F&B players of India, digitising their supply chain and enabling rapid growth for them. During the year of pandemic (FY 2020-21), we’ve witnessed a growth of 800 percent 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”
Founded in 2019, The SaaS startup aims to provide end to end digitisation of the procurement process.
Venture Catalysts president and co-founder Apoorva Ranjan Sharma 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 startups that hold the potential to reform.”
Follow Startup Story
Related Posts
