This online office supplies startup raises $1 million in its second round of pre-series A funding
Headquartered in Chennai, Aahaa Stores enables a one-stop solution for all business needs pertaining to office management, which are classified as indirect spends.
- Aahaa stores is an online office supplies platform based out of Chennai.
- It raised $1 million from an investor group led by YourNest.
- First round funding garnered equal amounts around eighteen months ago.
This startup which is headquartered in Chennai on Friday announced that it raised a whopping $1 million in its second round of pre-series A funding from a group of investors.
Aahaa Stores, is an online office supplies platform that said it raised funds from an investor group led by YourNest Angel Fund.
“The second round of pre-series A funding from YourNest and other marquee investors is a strategic step towards building and enhancing further on technology, talent, infrastructure, brand and innovative customer-centric business models. With our unique solution providing capabilities in the indirect office supplies space, we are well-poised to reach Rs 100 crores run rate and attain breakeven volumes by the end of this financial year,” Asokan Sattanathan, Founder and Chairman, Aahaa Stores, said.
The company said it had raised first round funding of equal amount around eighteen months ago.
“Two of the existing investors including YourNest have participated in this round as well at a substantially higher valuation as compared to their earlier investments,” the company said.
“Aahaa stores has won the trust of the finest enterprise customers in segments including BFSI, Manufacturing and IT, in a short period of time. Winning customer confidence in this competitive market opens further doors for immense growth in meeting the needs of intelligent procurement. Aahaa team has the leadership depth and the domain knowledge to excel and grow as a B2B market place," Sunil K Goyal, Managing Director and Fund Manager, Yournest, said.
In addition to Yournest, the company said it had a new investor, “with a strong equity financing background has picked up 50% equity of the fresh capital,” it added.
The company which was launched in 2013 said it planned to utilize the funds for expanding the business across new verticals and geographies.
“Aahaa Stores also announced its intent to realize their long-term vision by strengthening its technology platform iPOS, mobilizing top talent and reaching out to new customers across verticals via the funds received.