Aksum secures $1M in pre-Series A funding for its B2B SCaaS platform
- ByStartupStory | April 27, 2023
Aksum, a B2B SCaaS platform, has secured $1 million in a combination of equity and debt in its pre-Series A funding round, led by Inflection Point Ventures. The investment will be used to strengthen and enhance the company’s technology infrastructure and expand its reach to new geographical locations. The co-founders of Aksum, Sumit Bhatia and Ankit Jain, expressed their gratitude to IPV for believing in their vision of developing India’s first SCaaS B2B platform. They added that the funds would enable them to grow the business two-fold, offer access to cost-efficient working capital solutions, expand their product portfolio, and introduce transparency and efficiencies in the supply chain function while maintaining profitability.
Aksum’s platform provides various services that assist companies in optimizing their supply chain operations. Among these services is procurement automation, which allows businesses to automate their purchasing process, leading to time and cost savings as well as fewer errors. Aksum Trademart is a B2B platform that offers SCaaS solutions to SMEs and corporations to streamline their supply chain processes.
Vikram Ramasubramanian, a partner at Inflection Point Ventures, stated that Aksum’s digitized platform would enhance the supply chain process and provide complete transparency, allowing manufacturing and infrastructure sectors to focus on their businesses and grow with ease. SMEs and corporations usually require substantial amounts of capital and human resources to streamline their supply chain operations, which can be time-consuming and costly. IPV believes that its expertise, combined with Aksum’s unique business model, will help it grow strategically in the coming months.
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