Restaurant supply chain management startup SupplyNote’s parent company, Adcount Technologies, raised $2.25 million in its Series A led by Venture Catalysts and Artesian where several notable investors including Sattva Family Office, WFC, LetsVenture, Soonicorn Ventures, Cogniphy, SucSEED Indovation, SOSV, and DSP family office also participated. This latest funding brings Adcount Technologies’ total capital raised to $5 million.
Funding to Support International Expansion
The infusion of capital will be allocated towards the initial phase of Adcount Technologies’ international expansion, with a specific focus on the Middle East and North Africa (MENA) region and Southeast Asia. The funding will help propel the growth and market presence of SupplyNote, the restaurant supply chain management startup.
SupplyNote’s Business Verticals and Impressive Clientele
Founded in 2019 by Kushang, Abhishek Verma, Nitin Prakash, and Harshit Mittal, SupplyNote operates three main business verticals. The startup offers a Software-as-a-Service (SaaS) solution for inventory management targeted at large restaurants, provides fulfillment services for large restaurants, and recently launched a marketplace catering to small restaurants. SupplyNote boasts an impressive clientele, including Naturals Ice Cream, Biryani By Kilo, Bikkgane Biryani, Caterspoint, Burgrill, and Ironhill Brewery.
SupplyNote’s Impact and Ambitious Targets
Through its various verticals, SupplyNote has made significant contributions to the restaurant industry. The startup facilitates annual purchases worth $100 Mn in India through its SaaS vertical. Its B2B marketplace, Vyap, enables procurement worth $2.25 Mn in Noida and Greater Noida, while its supply chain management arm, SupplyLink, effectively manages goods worth $5 Mn across 42 cities in India. Looking ahead, Adcount Technologies aims to achieve ambitious targets, including 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.
Promising Future and Growing Market
With a network of 5,000 outlets across 86 cities, Adcount Technologies plans to expand its reach even further. The company aims to reach 30,000 food and beverage (F&B) outlets globally by the end of the fiscal year 2025. The funding round demonstrates confidence in SupplyNote’s innovative approach to inventory management and sales analytics, making it an attractive investment opportunity. As India’s food service market continues to expand, with an estimated value of $41.1 Bn in 2022 and expected growth to $79.65 Bn by 2028, SupplyNote faces competition from Zomato’s B2B supply business, Hyperpure. The funding received by Adcount Technologies aligns with the recent trend of supply chain management startups securing investments, signaling the industry’s growth and potential.
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