SUMMARY
This latest round brings SupplyNote’s total capital raised to $5 Mn, having secured $2.75 Mn in earlier rounds
The fresh round was led by Venture Catalysts and Artesian, with participation from new and existing investors
The incoming funding will fuel the first phase of the brand’s international expansion, with priority to MENA and SEA
Adcount Technologies, the parent company of the restaurant supply chain management startup SupplyNote has raised $2.25 Mn in its Series A funding round.
The round was led by Venture Catalysts and Artesian, with participation from Sattva Family Office, WFC, LetsVenture, Soonicorn Ventures, Cogniphy, SucSEED Indovation, SOSV and DSP family office. This latest round brings Adcount Technologies’ total capital raised to $5 Mn.
The incoming funding will fuel the first phase of the brand’s international expansion, with priority to MENA and Southeast Asia.
The startup was founded by Kushang, Abhishek Verma, Nitin Prakash and Harshit Mittal in 2019. SupplyNote has three business verticals – SaaS service for inventory management of large restaurants, fulfilment services for large restaurants and the recently launched marketplace for small restaurants.
Through its SaaS vertical, SupplyNote serves restaurants that have more than three outlets and are classified as chain restaurants by the National Restaurant of India (NRAI).
Kushang, the CEO and cofounder of Adcount Technologies, noted that through SupplyNote, the company facilitates annual purchases worth $100 Mn in India.
Further, the CEO added Vyap, the B2B marketplace, enables procurement worth $2.25 Mn in Noida and Greater Noida, while SupplyLink, the supply chain management arm, efficiently manages goods worth $5 Mn across 42 cities in India.
The startup counts the likes of Naturals Ice Cream, Biryani By Kilo, Bikkgane Biryani, Caterspoint, Burgrill and Ironhill Brewery among its clientele.
“These figures are set to skyrocket in the upcoming months. Looking ahead, our ambitious 18-month targets include facilitating $1.2 Bn worth of purchases via SupplyNote, achieving $25 Mn in annual recurring revenue (ARR) with Vyap, and distributing goods worth $150 Mn through SupplyLink,” said Kushang.
To date, Adcount claims to have a network of 5,000 outlets across 86 cities. The startup said it has set a goal to reach 30,000 F&B outlets globally by the end of FY25.
“We feel SupplyNote is a prudent investment due to its innovative approach to streamlining inventory management, order placement, and sales analytics. Its cloud-based suite is revolutionizing inventory management and improving the overall performance of businesses,” said CA Vijay Singh Rathore, cofounder of Soonicorn Ventures.
Apoorva Sharma, cofounder and president of Venture Catalysts, added, “The remarkable traction they’ve received from renowned clients like CureFoods, Biryani By Kilo and Swiggy Kitchen underscores their market credibility and readiness for exponential growth.”
The funding in SupplyNote comes as India’s food service market, which was estimated to be at $41.1 Bn in 2022, is expected to touch $79.65 Bn by 2028, according to a report. SupplyNote’s biggest rival is Zomato’s B2B supply business Hyperpure, which supplies fresh and packaged products to restaurants.
Adcount’s funding round comes as many supply chain management startups have secured funding in recent months, including the likes of FourKites, Magma and Wheelocity.
