Adcount Technologies, home to SupplyNote, obtains USD 2.25 mn in series a round

Adcount Technologies, the parent company of SupplyNote, and a host of innovative supply chain tech solutions has successfully raised USD 2.25 million in its latest series A funding round. The round was led by Venture Catalysts and Artesian, with notable participation from Sattva Family Office, WFC, LetsVenture, Soonicorn Ventures, Cogniphy, SucSEED innovation, SOSV, and DSP family office. This latest round brings Adcount Technologies’ total capital raised to a significant USD 5 mn.

“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. Investing in this powder-keg of potential was almost a no-brainer for us,” said chartered accountant Vijay Singh Rathore, co-founder of Soonicorn Ventures.

“SupplyNote is solving the big problem of procurement, ordering, inventory management & vendor management of the HoReCa industry. It’s a multi-billion opportunity and nobody is solving it with such a focused commitment as SupplyNote. Since the beginning, they have been working closely with customers and as a result, a lot of the customers have converted into investors. It’s a great combination of good pedigree founders solving a large TAM business and have scaled it successfully. That’s the reason we have been continuously reinvesting in them,” stated Neeraj Tyagi, co-founder, and chief executive officer of WeFounderCircle.

Following this endorsement from its investors, SupplyNote's growing client list also tells a compelling story of trust and efficiency. Prominent brands such as "Naturals Ice Cream", "Biryani By Kilo", "Bikkgane Biryani", "Caterspoint", "Burgrill", and "Ironhill Brewery" have all adopted SupplyNote’s capabilities, further validating the company's vision and commitment to transform the supply chain management landscape.

“SupplyNote’s all-encompassing suite of products empowers businesses with robust, digitized supply chain management solutions in the post-COVID era. 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,” stated Apoorva Sharma, co-founder and president, of Venture Catalysts.

A spokesperson at Sattva added, "At Sattva, we invest in potential. In Adcount Technologies, with their scalable products and market reach, we see an exciting future. We're proud to support their growth journey."

The fresh fundraiser will primarily fuel the first phase of the brand’s international expansion, as it aims to widen its footprint globally. Adcount Technologies, currently active in six countries, is strategically focused on expanding its presence, particularly in the MENA and Southeast Asia regions in Phase 1.

Reflecting on the company's achievements, Kushang, the chief executive officer and co-Founder of Adcount Technologies, stated, “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 & Gr. 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.”

The approach will be towards catering to the global market by scaling Adcount’s four distinctive verticals – Posify, SupplyNote, SupplyLink, and Vyap in sync with requirements in the newer geographies. To date, Adcount Technologies has achieved remarkable growth, connecting a vast network of 5,000 outlets spanning 86 cities.

This extensive network showcases the widespread adoption and trust that businesses place in SupplyNote’s capabilities. Looking ahead, Adcount Technologies has set an ambitious goal of reaching 30,000 F&B outlets globally by the end of the 2024-25 fiscal year. This expansion will enable even more businesses to leverage its comprehensive suite of products, driving efficiency and cost reduction in their supply chain operations.

With Adcount’s assistance, clients can reduce their bottom line by 5-7%, leading to a potential increase in profits by about 50-70%.