Aksum, a B2B SCaaS platform has raised 1 Million USD in a mix of equity & debt in its Pre-Series A 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, a statement said.
Vikram Ramasubramanian, Partner, Inflection Point Ventures, said, “To streamline the supply chain operation, usually SME’s and corporates require adequate amounts of capital & human resources which can be time consuming and costly. Aksum with its digitised 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.
He further added “The company is on track to achieve a Gross Merchandise Value (GMV) of over INR 250 Crore in the financial year 2023-24.”
Sumit Bhatia, Co-Founder, Aksum, said, “We would like to thank IPV for believing in our vision to build India’s 1st ScaaS B2B platform. The fund raised will help us in expanding our product category portfolio & bring transparency & efficiencies in the supply chain function.”
Ankit Jain, Co-Founder, Aksum, said, “This fund raise will help us grow the business 2X and provide access to cost efficient Working Capital solutions through Indian & Foreign Financial Institutions. Our aim is to remain profitable and grow steadily.”
Both the Co-Founders, Sumit Bhatia & Ankit Jain, complement each other in their roles. Ankit, an IIT Kharagpur graduate, brings in 17 years of Financial and Corporate experience and Sumit a Post Graduate in Management brings 23 years of experience across entrepreneurship as well as B2B distribution operations.
