Supply chain tech solutions company Adcount Technologies, which runs SupplyNote, has picked up $2.25 million in its Series A round co-led by Venture Catalysts and Artesian including participation from notable investors like Sattva Family Office, WFC, LetsVenture, Soonicorn Ventures, Cogniphy, SucSEED Indovation, SOSV, and DSP family office.
This latest round brings Adcount Technologies’s total capital raised to $5 million.
The company plans to utilise the raised funds to scale its four distinctive verticals – Posify, SupplyNote, SupplyLink, and Vyap while also strengthening the product and technology teams, Adcount said in a press release.
Co-founded in 2015 by Kushang, Nitin Prakash, Harshit Mittal, and Abhishek Kumar, Adcount specialises in assisting food businesses in digitising and streamlining their operations. It aims to revolutionise the food industry by providing innovative solutions that optimise efficiency, enhance transparency, and drive growth.
The Delhi based company targets to reach 30,000 F&B outlets globally by the end of the 2024-25 fiscal year. The company claims that clients can reduce their bottom line by 5-7%, leading to a potential increase in profits by about 50-70%. It also claims to have a network of 5,000 outlets spanning across 86 cities.
While Adcount Technologies is yet to file its FY23 numbers, it registered nearly 59% growth in operating scale to Rs 4.86 crore during FY22 as compared to Rs 3.06 crore in FY21. As per the company’s annual financial statement, its losses went up 17.5% to Rs 5.24 crore in FY22 from Rs 4.46 crore in FY21.