B2B Supply Chain as a Service (SCaaS) platform Aksum has raised $1 million in a mix of equity and debt in its pre-Series A round led by Inflection Point Ventures.
The funds will be used to enhance and reinforce the technology framework of the company and also expand its reach to new geographic locations, Aksum said in a press release. The company aims to grow the business 2X and provide access to cost efficient working capital solutions through Indian and foreign financial institutions.
Aksum is a platform that operates on a B2B Supply Chain as a Service (SCaaS) model, designed to enhance the efficiency of supply chain processes for SMEs and large corporates. The platform offers a range of services that help businesses streamline their supply chain operations. These services include procurement automation, which enables companies to automate their purchasing process, thereby saving time and reducing errors.
Vikram Ramasubramanian, partner at Inflection Point Ventures, said that Aksum is on track to achieve a gross merchandise value (GMV) of over Rs 250 crore in the financial year 2023-24.
Inflection Point Ventures (IPV) has so far invested over Rs 550 crore across more than 170 deals. The fund has already backed more than half a dozen startups in the ongoing calendar year. The list includes Cognetco, Direct2U, EaseMyAI, Loan Kuber, Boingg, and Amikus AI.