Aahaa Stores raises USD 1 million in 2nd round of funding

Online office supplies platform Aahaa Stores today announced that it has raised USD 1 million in the second round of pre-series 'A' funding from investor group led by YourNest Angel Fund.

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, Aahaa Stores said in a release.

This reaffirms the investors' faith in Aahaa Stores, it said, adding, in addition to them, a new investor with a strong equity financing background has picked up 50 per cent equity of the fresh capital.

The company had raised first round funding of equal amount around 18 months ago, and since then it has grown multifold in terms of product portfolio, customer base, geographical presence and sales turnover.

Aahaa Stores said it plans to use the funds for expanding the business across new verticals and geographies, and also intends to realize its long-term vision by strengthening its technology platform iPOS, mobilizing top talent and reaching out to new customers across verticals via the funds received.

"With our unique solution providing capabilities in the indirect office supplies space, we are well-poised to reach Rs 100 crore run rate and attain breakeven volumes by the end of this financial year," Aahaa Stores Founder and Chairman Asokan Sattanathan said.

Launched in 2013, Chennai headquartered Aahaa Stores enables a one-stop solution for all business needs pertaining to office management, which are classified as indirect spends.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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