Supplynote, a Noida-based supply chain platform, announced that it has raised Rs 4.3 crore in a seed funding round led by US-based SOSV and Australia-based Artesian Ventures, according to ETtech report.
Existing investors SucSEED Ventures, CIO Angel Network, Venture Catalysts and a clutch of angel investors also participated in the funding round. Till now the startup raised a total capital of Rs 12 crore.
Founded in 2015 by Abhishek Verma, Harshit Mittal, Kumar Kushang and Nitin Prakash, Supplynote connects restaurants and suppliers, and digitizes the process of procurement. Under parent entity Adcount Technologies it also operates Adurcup, a B2B ecommerce platform.
“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,” Kumar Kushang, co-founder and CEO of Supplynote.
The company will use the funding to expand its teams and operations across India as well as boost product development.
Supplynote plans to enable 2000 more restaurant outlets in India with the aim of reaching a $100 million transaction volume run rate in the next two years. The platform said it can help restaurants reduce their operational costs by 8-10%.
“The restaurant industry, strong-armed by delivery platforms, is ripe for digitalization and disruption. Supplynote enables restaurants not only to increase profit by 70% but also to supercharge their supply chain efficiency,” said William Bao Bean, General Partner at SOSV.
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