1 min read.Updated: 28 Oct 2021, 02:12 PM ISTLivemint
The investment round saw participation from US based Astor Management, SOSV, Riso Capital, and Manjal Investments, Angelbay, SucSEED Ventures, DevX Fund, Sarcha Advisors and Faad Network
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SupplyNote, a B2B software-as-a service company that helps food and beverages (F&B) businesses digitize and automate their supply chain and procurement, has raised $1.2 million in pre-Series A round led by Venture Catalysts.
The investment round saw participation from US based Astor Management, SOSV, Riso Capital, and Manjal Investments, Angelbay, SucSEED Ventures, DevX Fund, Sarcha Advisors and Faad Network.
Including this round, the brand has raised a total of $2.8 million since its inception in 2015. The company raised its previous rounds from GHV Accelerator, Artesian Ventures, and DAS Capital among others.
“For the last six years, we have been working with some of the top F&B players of India, digitizing their supply chain and enabling rapid growth for them. During the year of pandemic (FY 2020-21), we’ve witnessed a growth of 800% in digital procurement through our platform, with our presence in 41 cities in three countries," said Kushang, co-founder and chief executive officer, SupplyNote, adding that the company is working towards further refining its tech offerings, and strengthening its presence within the F&B ecosystem in new geographies. By the end of the fiscal, the company is aiming at widening its footprint in India, West Asia, and Southeast Asia.
India is expected to be ranked among the top five business hospitality markets globally by 2030. The F&B ecosystem in India is phenomenally digitized by food delivery apps that are playing on the consumer side of the business. However, there's a large opportunity on the backend side—that is essentially the supply chain. "SupplyNote is using technology and an innovative business model to digitize the supply chain for F&B businesses while focusing on upgrading the relationship between businesses and their suppliers. Having been invested in them for couple of years, we have seen them growing impressively along with their numbers align with objectives set up collectively," said Vikrant Varshney, managing partner-SucSEED Indovation Fund.
To enable the expansion plans, the brand will be utilizing funds in hiring and upgrading the tech stack, scaling up its HoReCa marketplace, extending credit options through partners, enabling easier transactions between restaurants and suppliers, and reinforcing its fulfilment service function.