[Funding] Supply chain automation platform Supplynote raises USD 600K from SOSV and others

By : |October 22, 2020 0

Supplynote, a supply chain automation platform has raised 600K USD in a bridge round. Venture capital firm SOSV and Global VC firm Artesian Ventures led the round in Supplynote. Existing investors SucSEED Ventures, CIO Angel Network, Venture Catalysts. Further, angel investors Arjun Soni, Angad Soni and Sunny Vohra also participated in the round.

Supplynote works for both restaurants and suppliers and connects them seamlessly on its two-way SaaS platform. This allows end-to-end digitization of the procurement process. The company will utilize the funding in business development activities and expansion pan-India. They will further utilize a part of the fund in product development. Further, the startup plans to deploy the funds in phases following the current unprecedented times when the markets are uncertain across the globe.

Supplynote plans to enable 2000 more restaurant outlets in India by year-end. The startup has monthly transactions worth approximately USD 1.3 M on the platform. It further 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%.

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.”

From the leaders

“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 a 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; identify opportunities for Digital Transformation within their respective domains. Congratulations to the founders for creating this reckoning example,” said Mr.Vikram Upadhyaya, Founder, GHV Accelerator.

“The idea to address a long-prevailing challenge in the supply chain in the restaurant industry is itself very unique in the market. In a very short 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.

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