Adcount Technologies, the company that oversees the operations of SupplyNote, a startup specializing in restaurant supply chain management, recently secured $2.25 million in funding during its Series A round.
Venture Catalysts and Artesian took the lead in the funding round, joined by notable investors such as Sattva Family Office, WFC, LetsVenture, Soonicorn Ventures, Cogniphy, SucSEED Indovation, SOSV, and DSP Family Office. With the completion of this recent round, Adcount Technologies has now accumulated a total capital of $5 million.
The forthcoming funding will provide the necessary resources to kickstart the initial stage of the company’s global expansion, focusing primarily on the MENA and Southeast Asia regions.
Established in 2019, SupplyNote is a dynamic startup founded by Kushang, Abhishek Verma, Nitin Prakash, and Harshit Mittal. This forward-thinking company has built its foundation on three robust business verticals. Firstly, they offer a state-of-the-art Software-as-a-Service (SaaS) solution, specifically designed for large restaurants to streamline their inventory management processes. Additionally, SupplyNote provides comprehensive fulfillment services that cater to the unique requirements of large restaurants. Building upon their success, the company has recently ventured into a new domain by launching a marketplace tailored for small restaurants, aiming to support and empower these businesses.
Through its SaaS vertical, SupplyNote specializes in providing services to chain restaurants classified by the National Restaurant Association of India (NRAI) that operate with more than three outlets.
Kushang, the CEO and Co-Founder of Adcount Technologies, highlighted that SupplyNote plays a pivotal role in enabling annual purchases worth $100 million in India.
Additionally, the CEO also mentioned that Vyap, the B2B marketplace, facilitates procurement worth $2.25 million specifically in Noida and Greater Noida. Furthermore, SupplyLink, the supply chain management division, effectively oversees goods valued at $5 million across 42 cities throughout India.
Among its clientele, SupplyNote proudly serves renowned establishments such as Naturals Ice Cream, Biryani By Kilo, Bikkgane Biryani, Caterspoint, Burgrill, and Ironhill Brewery.
“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.
As of now, Adcount asserts that it possesses a network comprising 5,000 outlets spanning across 86 cities. The startup has announced its ambition to expand its presence even further and aims to achieve a total of 30,000 F&B outlets worldwide by the conclusion of the fiscal year 2025.
“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, Co-Founder of Soonicorn Ventures.
Apoorva Sharma, Co-Founder 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.”
According to a report, as of 2022, India’s food service market was valued at $41.1 billion, and it is projected to reach $79.65 billion by 2028. SupplyNote, a company receiving funding, operates in this thriving market. In the competitive landscape, SupplyNote’s primary rival is Hyperpure, Zomato’s business-to-business (B2B) supply division that specializes in providing restaurants with fresh and packaged products.
Adcount’s recent funding round coincides with a notable trend of supply chain management startups securing funding in recent months. This includes companies such as FourKites, Magma, and Wheelocity, who have successfully attracted investment to support their operations and growth.