SaaS startup SupplyNote raised $1.2 million in a pre-series round A led by Venture Catalysts.
The B2B SaaS company that helps F&B businesses digitise and automate their supply chain and procurement has raised a total of $2.8 million since its inception in 2015.
US-based Astor Management, SOSV, Riso Capital, and Manjal Investment, Angelbay, SucSEED Ventures, DevX Fund, Sarcha Advisors, and Faad Network participated in the investment round.
Previously, it has raised its rounds from GHV Accelerator, Artesian Ventures, and DAS Capital amongst others.
Kushang, co-founder & CEO of Supplynote, said they witnessed a growth of 800% in digital procurement through their platform even during the pandemic under fiscal year 2020-2021 in their 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,” he said, adding that by the end of the fiscal year, they aim at widening their footprint in India, the Middle East, and Southeast Asia.
Vikrant Varshney, Managing Partner – SucSEED Innovation Fund, said SupplyNote will help upgrade the relationship between businesses and their suppliers.
SupplyNote is using technology and an innovative business model to digitize the supply chain for F&B businesses in India.
The funds will be utilized in hiring and upgrading the tech stack, scale up its HoReCa marketplace, extend credit options through partners, enabling easier transactions between restaurants and suppliers, and reinforce its fulfillment service function.
Part of the amount will be used in closing strategic partnerships with POS, Payments, and Loyalty companies.
William Bao Bean, General Partner at SOSV, said SupplyNote is powering the backbone of India’s economy with the digitization of India’s supply chain.
Apoorva Ranjan Sharma, president and Co-founder of Venture Catalysts, said the company is one of the start=ups that “hold the potential to reform”.
Sri Purisai, Founder and General Partner of Riso Capital, on the other hand, said SupplyNote provides an intelligent platform for international F&B brands entering India.