Noida-based supply chain automation platform Supplynote has raised $600K in a bridge round led by the US-based multi-stage venture capital firm SOSV and Australia-based global VC firm Artesian Ventures. The round also saw participation from Existing investors SucSEED Ventures, CIO Angel Network, Venture Catalysts, and angel investors Arjun Soni, Angad Soni and Sunny Vohra.
Supplynote was founded in 2019 by Kumar Kushang (CEO), Abhishek Verma (COO), Nitin Prakash (CPO), and Harshit Mittal (CTO). It works for both restaurants and suppliers and connects them on its two-way SaaS platform. This allows end-to-end digitisation of the procurement process and automation steps like inventory management, ordering, payment ledger management and to solve the supplier/product discovery problems.
Kushang, Co-founder and CEO of Supplynote said, “We are delighted that we could raise funds even during the current difficult times when most of the industries are struggling including the restaurant industry, which is the key target audience for our solution. 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.”
William Bao Bean, General Partner at SOSV, Managing Director of MOX – Mobile Only Accelerator said, “The restaurant industry, strongly-armed by delivery platforms, is ripe for digitalisation and disruption. Supplynote enables restaurants not only to increase profit by 70 percent but also to supercharge their supply chain efficiency.”
Supplynote is the second platform in the direction of digitisation of supply chain in F&B industry, by the parent company Adcount Technologies. In 2015, it launched the platform Adurcup, a B2B ecommerce platform.
The startup plans to enable 2000 more restaurant outlets in India with its solution by the end of the current fiscal year. The funding will be utilized in activities related to business development, product development and expansion PAN India.