SUMMARY
Adurcup optimises the procurement of products and services for food startups
It will use the fund to build a stronger technology
It is mainly focussed on procurement of non-perishables for restaurants
Mumbai-based incubator and angle network Venture Catalysts has invested an undisclosed amount in restaurant procurement startup Adurcup.
The round also saw participation from other investors including Dipan Dalal of MK Ingredients & Specialities, Navin Pansari of Olympia Industries Ltd, Sudhanshu Rastogi of Sarc Infrastate Ltd, Somesh Bhatia of FCC Projects and Singapore-based venture capitalist Tushar Aggarwal.
With this investment, the startup plans to build a stronger technology that transforms the HoReCa industry, which stands for ‘Hotels, Restaurants, and Catering’ procurement process and streamlines process gaps and reduce manual intervention driven errors in the procurement process of the Food and Beverage industry.
Adurcup was founded in 2015 by Abhishek Verma, Harshit Mittal, Kumar Kushang and Nitin Prakash. It facilitates and optimises the procurement of products and services for food-related startups.
It offers end-to-end SaaS and ecommerce stack for covering vendor management, inventory management, distribution centre management, logistics management and product sourcing. The startup mainly focuses on solving the problems faced by HoReCa industry.
“We have been quite focussed on the non-perishable segment in the restaurants and after cracking the same in the Delhi-NCR region, we are now looking towards increasing our horizons and becoming a market leader in supply chain automation across the country,” said Adurcup founder Abhishek Verma.
Verma also added that the startup has already helped over 500 SME’s in the value chain with major presence Delhi NCR.
The startup had earlier raised growth capital from strategic corporate investors and well-known family offices in 2017. In 2016, it received $100K ($71.1 Lakh) in a seed funding round as a part of the Green House Ventures accelerator programme.
Currently, it counts food companies such as Wow Momo, InnerChef, Tea Halt, Subway, and Captain Grub among many others as its clients. According to the startup, it had delivered sales of $506K (INR 3.6 Cr) in FY17-18 and a run rate of $3.5 Mn (INR 25 Cr) for FY18-19.
Founded in 2016, Venture Catalysts invests $250K – $1 Mn in early stage startups that have the potential to create enduring value for over a long period of time. This month, it also invested in Pre-Series A funding round of coliving startup Grexter.
According to the startup, with more than 1.5 Lakh restaurants in the top 75 cities the scope of the HoReCa industry is immense.
