Get All Access for $5/mo

B2B SCaaS Platform Aksum Raises $1 Million In Pre-Series A Funding The funds will be used to enhance and reinforce the technology framework of the company and also expand its reach to new geographic locations

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

Aksum, a B2B SCaaS (Supply Chain as a Service) platform, has raised $1 million in a mix of equity and debt in its pre-Series A funding round led by Inflection Point Ventures. The funds will be used to enhance and reinforce the technology framework of the company and also expand its reach to new geographic locations.

"We would like to thank IPV for believing in our vision to build India's first ScaaS B2B platform. The fund raised will help us in expanding our product category portfolio and bring transparency and efficiencies in the supply chain function. It will also grow the business 2 times and provide access to cost-efficient working capital solutions through Indian and Foreign Financial Institutions. Our aim is to remain profitable and grow steadily," said Sumit Bhatia and Ankit Jain, co-founders, Aksum, in a joint statement.

The platform offers a range of services that help businesses streamline their supply chain operations. These services include procurement automation, which enables companies to automate their purchasing process, thereby saving time and reducing errors.

"To streamline the supply chain operation, usually SME's and corporates require adequate amounts of capital and human resources which can be time consuming and costly. Aksum with its digitized platform will not only enhance the entire supply chain process but also provide a complete transparency in the end to end supply chain. Thus enabling manufacturing and infrastructure sectors to focus on their business and grow with ease. IPV is confident that their expertise coupled with Aksum's unique business model will further help them to grow strategically in the coming months," said Vikram Ramasubramanian, partner, Inflection Point Ventures.

Aksum Trademart is a ScaaS business-to-business (B2B) platform that provides supply chain as a Service (SCaaS) solutions to small and medium-sized enterprises (SMEs) and large corporations.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

D2C Skincare Brand Foxtale Bags USD 18 Mn in Series B led by Panthera Growth Partners

With the raised capital, the Maharashtra-based skincare brand aims to scale its core digital business and concentrate on expanding into new categories.

News and Trends

Wipro Introduces Lab45 AI for Enhanced Business Solutions

With over 1000 GenAI agents and more than 10 GenAI applications, the platform claims to offer no-code and low-code pre-built applications.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

News and Trends

Recur Club Unveils INR 1,000 Cr Debt Offerings for Startups and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

Growth Strategies

Edtech Platforms Capitalising On CUET Coaching Market

Be it major Edtech companies, UPSC coaching centres, or neighbourhood tuition academies, everyone is testing the CUET waters to see what opportunities it holds for them.

Growth Strategies

Learn business by doing business across the Globe: The next revolution in Entrepreneurship

As the startup ecosystem sees an influx of new entrepreneurs, the question arises: Is our current business education sufficiently equipping students for the entrepreneurial challenges they will face?