[Funding Alert] SupplyNote Raises INR 4.4 Cr In Bridge Round From SOSV And Others
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SupplyNote on Wednesday raised INR 4.4 crore in a bridge round 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, AngadSoni, and Sunny Vohra also participated in the round.
Founded in 2019, the supply-chain automation platform SupplyNote works for both restaurants and suppliers and connect them seamlessly on its two-way SaaS (software-as-a-service) platform. This allows end-to-end digitization of the procurement process.
“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,” said SupplyNote co-founder and chief executive officer Kushang, commenting on the fund-raised.
The funding will be utilized in business development activities and expansion pan India, a part of which 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.
“The restaurant industry, strong-armed by delivery platforms, is ripe for digitalization and disruption. SupplyNote enables restaurants not only to increase profit by 70 per cent 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-COVID, we anticipate a surge in demand for this unique solution,” said SOSV general partner William Bao Bean.
SaaS-platform SupplyNote plans to enable 2,000 more restaurant outlets in India with its unique solution, by the end of the current fiscal year with monthly transactions worth approximately $1.3 million managed on the platform.
"Technology continues to play a pivotal role in any industry today, in order to help businesses, get back to normalcy, as the world is coping with COVID-19. For the F&B (food and beverage) industry specifically, SupplyNote has created one of the best examples of digital transformation, showing how such an unorganized 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 GHV Accelerator founder Vikram Upadhyaya.
The startup anticipates a multi-fold growth in the coming times and also aims at reaching a $100 million transaction volume run rate in the next two years.