AdCount Technologies raises $2.5 million led by Venture Catalysts and Artesi
The other investors who participated in the round, include Sattva Family Office, WFC, LetsVenture, Soonicorn Ventures, Cogniphy, SucSEED Indovation, SOSV, and the DSP family office
Adcount Technologies Pvt Ltd has raised $2.5 million funding in its Series A round led by Venture Catalysts and Artesian, the company said in a press note on Wednesday (July 12). With this latest round, the company has raised a total of $5 million.
The other investors who participated in the round, include Sattva Family Office, WFC, LetsVenture, Soonicorn Ventures, Cogniphy, SucSEED Indovation, SOSV, and the DSP family office.
Adcount Technologies is a supply chain tech company that specialises in assisting food businesses in digitising and streamlining their operations. The company offers a comprehensive suite of independent yet integrable products, including SupplyNote, SupplyLink, Vyap, and Posify. With Adcount’s assistance, clients can reduce their bottom line by 5-7 per cent, leading to a potential increase in profits of about 50-70 per cent.
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"Our growth trajectory is truly remarkable. Through SupplyNote, we facilitate annual purchases worth $100 million in India alone. Vyap empowers procurement worth $2.25 million in Noida and Greater Noida, while SupplyLink efficiently manages goods worth $5 million across 42 cities in India. These figures are set to skyrocket in the upcoming months. Looking ahead, our ambitious 18-month targets include facilitating $1.2 billion worth of purchases via SupplyNote, achieving $25 million in annual recurring revenue (ARR) with Vyap, and distributing goods worth $150 million through SupplyLink," said Kushang, CEO and Co-Founder of Adcount Technologies.
The company will use the funding to fuel the first phase of the brand’s international expansion as it aims to widen its footprints globally. It is currently active in six countries, and is strategically focused on expanding its presence, particularly in the MENA and Southeast Asia regions in Phase 1.
"SupplyNote’s all-encompassing suite of products empowers businesses with robust, digitised supply chain management solutions in the post-COVID era. The remarkable traction they’ve received from renowned clients like CureFoods, Biryani By Kilo, Swiggy Kitchen underscores their market credibility and readiness for exponential growth," stated Apoorva Sharma, Co-founder and President, Venture Catalysts.
In the startup space, most recently, startups like smartphone retail tech platform SmartDukaan secured $10 million in a funding round led by Findoc Finvest. Other participants in the pre-series A funding round were Leafberry Ads and angel investors.
In a separate development, battery swapping network Battery Smart raised $33 million in a funding round. The Pre-Series B funding round saw participation from the company's existing investors, Tiger Global and Blume Ventures, as well as new investors, The Ecosystem Integrity Fund (EIF) and British International Investment (BII).