Noida: Supplynote, a supply chain automation platform has raised 600K USD in a bridge round. The round has been led by the US-based multi-stage venture capital firm SOSV and Australia-based global VC firm Artesian Ventures. Existing investors SucSEED Ventures, CIO Angel Network, Venture Catalysts and angel investors Arjun Soni, Angad Soni and Sunny Vohra also participated in the round.
Supplynote works for both restaurants and suppliers and connect them seamlessly on its two-way SaaS platform. This allows end-to-end digitization of the procurement process
The funding will be utilized in business development activities and expansion pan India. A part of the funding will also be utilized in product development. The funds will be deployed in a phased manner given the current unprecedented times when the markets are uncertain across the globe.
Commenting on the fund-raising during the pandemic, 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.“
“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. The solution by Supplynote has gained great traction in a very short span of time. And as things return to normalcy in the market post COVID19, we anticipate a surge in demand for this unique solution,” said William Bao Bean, General Partner at SOSV, Managing Director of MOX – Mobile Only Accelerator.
“Technology continues to play the pivotal role for any industry today, in order to help businesses, get back to normalcy, as the world is coping with Covid-19. For the F&B industry specifically, Supplynote has created one of the best examples of Digital Transformation, showing how such an unorganised aspect of the F&B business can be solved with the use of Digital Technology. It’s time for other industries to learn from such case studies, and identify opportunities for Digital Transformation within their respective domains. Congratulations to the founders for creating this example to be reckoned with,” said Mr.Vikram Upadhyaya, Founder, GHV Accelerator.
“The idea to address a long prevailing challenge in the supply chain in restaurant industry is itself very unique in the market. In a very shot span of time the solution by Supplynote has caught the right attention. We see this solution getting accepted across the industry and becoming a ‘must’ for any restaurant business,” said Mr. Vikrant Varshney, Managing Partner, SucSEED Ventures.
Supplynote plans to enable 2000 more restaurant outlets in India with its unique solution, by the end of the current fiscal year. With monthly transactions worth approximately USD 1.3 M managed on the platform, the startup anticipates a multifold growth in the coming times. It also aims at reaching USD 100M transaction volume run rate in the next 2 years. Adopting Supplynote solution has enabled restaurant outlets to reduce their operational cost by 8-10%. On average the solution can help a restaurant increase the profit margins by 70 percent.