Adcount Technologies, Parent of SupplyNote, Obtains $2.25 Mn in Series A Round Led By Venture Catalysts and Artesian

The primary target of this funding will be to scale Adcount’s four distinctive verticals – Posify, SupplyNote, SupplyLink, and Vyap – while also strengthening the product and technology teams.

Adcount Technologies Pvt. Ltd., 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 Indovation, 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 overall performance of businesses. Investing in this powder-keg of potential was almost a no-brainer for us,” said CA 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 multibillion opportunity and nobody is solving it with such focused commitment like 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 CEO 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, Swiggy Kitchen underscores their market credibility and readiness for exponential growth,” stated Apoorva Sharma, Co-founder and President, 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 fundraise will primarily fuel the first phase of brand’s international expansion, as it aims to widen its footprints 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.

(L-R) Co-founders of Adcount – Mr. Harshit Mittal, Mr. Abhishek Kumar, Mr. Nitin Prakash and Mr Kushang

Reflecting on the company's achievements, Kushang, the CEO 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 requirement in the newer geographies. To date, Adcount Technologies has achieved remarkable growth, connecting a vast network of 5,000 outlets spanning across 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%.

About Adcount Technologies:

Adcount Technologies Pvt. Ltd. is a supply chain tech company that specializes in assisting food businesses in digitizing and streamlining their operations. The company offers a comprehensive suite of independent yet integrable products, including SupplyNote, SupplyLink, Vyap, and Posify. Adcount Technologies is dedicated to revolutionizing the food industry by providing innovative solutions that optimize efficiency, enhance transparency, and drive growth. With a deep understanding of the challenges faced by food businesses, the company aims to empower its clients to thrive in the digital era.

Parent of Supplynote, AdCount Technologies, Acquires Posify to Strengthen Its SaaS Offerings

The deal will allow SupplyNote to acquire Posify’s intellectual property as well as their team

SupplyNote, a business-to-business (B2B) software-as-a-service provider that assists food and beverage (F&B) companies digitize and automate their supply chain and procurement, has integrated Posify solutions through an acquisition deal signed by its parent company AdCount Technologies Pvt Ltd. This allows SupplyNote to secure all of Posify’s existing clients and further boost the goal of increasing its client base fourfold over the next fiscal year.

AdCount’s flagship product, SupplyNote, supports F&B businesses in digitising their supply chain (inventory, warehouse, logistics and procurements). SupplyNote offers integration with most POS platforms to obtain sales data for inventory automation. With the merger of Posify solutions, SupplyNote acquires Posify’s intellectual property as well as the assistance of their skilled team.

“At SupplyNote we are excited to have acquired Posify solutions to refine our technology offerings to help our clients generate more revenue and build their business. The F&B industry typically has to endure huge losses due to inventory mismanagement since most outlets still use pen and paper to track and manage their inventory. There is no digital record of consumption, which leads to human errors. SupplyNote as a solution can help businesses cut down their cost of operations while helping them increase their profit margins by reducing losses caused due to mismanagement.,” said Kushang, Co-founder and CEO, SupplyNote.

“SupplyNote is already integrated with most POS systems of the world and functions well together with them, however, we acquired Posify to further empower our SAAS offerings and convert it into a complete suite. When we integrate with another POS solution, we capture data of orders to update inventory logs. However, integrations have certain limitations and we have no control on point of sale experience, which is required by some of our enterprise clients. This acquisition will help us optimize the point of sale experience all their data will be centralized and operated by one system – SupplyNote. Our target market is organised HoReCa businesses and we are especially interested in chained cloud kitchens and QSRs as our offerings are extremely valuable to them. That being said, every F&B business that has a need for supply chain can in fact reap benefits from our services,” said Abhishek Verma Co-founder and COO, SupplyNote.

SupplyNote, is on a mission to digitise the food and beverage industry, connects outlets, service providers, and suppliers, allowing them to manage inventory, place orders, and uncover sales performance insights to strengthen their business. Posify is a POS that helps F&B businesses manage their front-end of the business – like billing, order management, kitchen order display, delivery rider tracking, order aggregation from Zomato/swiggy etc, customer loyalty, marketing tools etc. Although Posify and SupplyNote are independent products at the moment, any SupplyNote client can receive substantial discounts on Posify subscriptions by approaching their customer relationship manager.

About SupplyNote

Incepted in 2019, by Co-founders Kushang-CEO, Abhishek Verma-COO, Nitin Prakash-CPO and Harshit Mittal-CTO, SupplyNote is India’s most comprehensive SaaS+ e-commerce platform helping food businesses to scale. It is the first-of-its-kind Point-of-Purchase solution that helps F&B businesses digitize their data, optimize and automate their backend operations which eventually leads to saving costs and improving profits. SupplyNote also provides a Cloud-based web and mobile-enabled suite connecting restaurant outlets, service providers and suppliers.

B2B Indian SaaS Platform SupplyNote, Aims a Whopping 300% Growth in Client Base by End of Fiscal Year 2022-23

F&B SaaS Company Aims to close 7000 restaurants and food chain pan India

SupplyNote, a B2B software-as-a-service provider that assists food and beverage (F&B) businesses in digitising and automating their supply chain and procurement, experienced staggering growth and expansion in the fiscal year 2021-2022. SupplyNote has successfully onboarded 2750 clients in the fiscal year 2021-2022 and plans to onboard an additional 7000 clients in the fiscal year 2022-2023.

SupplyNote, on a mission to digitise the food and beverage industry, connects outlets, service providers, and suppliers, allowing them to manage inventory, place orders, and uncover sales performance insights to strengthen their business. SupplyNote is currently present in 83 cities across India, with plans to expand and provide services to its clients in 50 new cities. The expansion will enable SupplyNote to establish a presence in over 130 cities, allowing its clientele to scale marketing services and generate more revenue.

“The Indian SAAS market is developing at an exponential rate, particularly since the Covid-19 pandemic. We are capitalising on the current market trends, and I am pleased to announce that we are expanding and hiring in accordance with our business priorities and goals. As we are strengthening our presence in new geographies, we remain committed to improving the relationship between businesses and their suppliers while also refining our technology offerings to help our clients generate more revenue and build their business. The current development will undoubtedly motivate every employee in our company to stay committed and help us reach even more significant milestones,” said Kushang, Co-founder and CEO, SupplyNote.

SuppyNote is reaping major business traction from the Delhi NCR region and some of their notable clients include Burgrill, Slay Coffee, Bakingo, Vadilal, Natural's, Biryani By Kilo, ZFW Hospitality, Nazeer's Foods, Burgerama, Theos, Wat-a-burger, Blue Tokai, and others.

SupplyNote assists its clients in increasing bottom profit margins by 70% by reducing costs and expenditure in the restaurant and hotel supply chain. It accomplishes it by saving approximately 4% of net revenue from pilferage and theft, up to 6% by preventing unnecessary costs through better utilisation, approximately 8% by reducing overpriced purchases, and about 2-3% on human resources. A Food Business that normally makes a profit of 15-20% can increase its profit margins by 6-15% depending on the size of their business and the SupplyNote services clients subscribe to.

Incepted in 2019, SupplyNote is a supply chain automation platform providing SAAS platform to restaurants. Established by the founders- Kushang-CEO, Abhishek Verma-COO, Nitin Prakash-CPO and Harshit Mittal-CTO, the company was started with an aim to provide end to end digitization of procurement process and automation steps like inventory management, ordering, payment ledger management and to solve the supplier/product discovery problems. Over the period the company has witnessed an 150 % of YoY growth. The company is funded by -Sucseed Ventures, Venture Catalysts, CIO Angels,91 Springboard and GHV Accelerator. SupplyNote is the second platform in the direction of digitization of the supply chain in the F&B industry, by the parent company Adcount Technologies. In 2015, the company launched the platform Adurcup. Including the current fundraise, the company-Adcount Technologies has raised a total of USD 1.6 M since its inception.

B2B SaaS Startup SupplyNote Raises $1.2 Mn as Precursor to Their Series A

SupplyNote Team

SupplyNote, a B2B SaaS company that helps F&B businesses digitise and automate their supply chain and procurement respectively announced that it has raised $1.2 million in pre-series A round led by Venture Catalysts. The investment round saw participation from US based Astor Management, SOSV, Riso Capital, and Manjal Investments, Angelbay, SucSEED Ventures, DevX Fund, Sarcha Advisors and Faad Network.

Including this round, the brand has raised a total of USD $2.8 million since its inception in 2015. The company raised it’s previous rounds from GHV Accelerator, Artesian Ventures and DAS Capital amongst others.

“For the last 6 years, we've been working with some of the top F&B players of India, digitizing their supply chain and enabling rapid growth for them. During the year of pandemic (FY 2020-21), we’ve witnessed a growth of 800% in digital procurement through our platform, with our presence in 41 cities in 3 countries. We are working towards further refining our tech offerings, and strengthening our presence within the F&B ecosystem in new geographies. By the end of the fiscal, we aim at widening our footprint in India, Middle East, and South East Asia” said Mr. Kushang, co-founder & CEO, SupplyNote.

"India is expected to be ranked amongst the Top 5 business Hospitality markets globally by 2030. The F&B Ecosystem in India is phenomenally digitized by food delivery apps that are playing on the consumer side of the business. However, there's a large opportunity on the backend side - that is essentially the supply chain. SupplyNote is using technology and an innovative business model to digitize the supply chain for F&B businesses while focusing on upgrading the relationship between businesses and their suppliers. Having been invested in them for couple of years, we have seen them growing impressively along with their numbers align with objectives set up collectively. ” said Vikrant Varshney, Managing Partner - SucSEED Indovation Fund.

"SupplyNote is powering the backbone of India's economy. Having worked with the team since 2019, we're impressed with SupplyNote's steep growth curve throughout the pandemic, their culture of experimentation, and their obsession with serving customers. India's supply chain will be seamlessly but drastically more digitized in the near future, and we can't wish for a better team to execute this vision," said William Bao Bean, General Partner at SOSV.

“The Indian SAAS market is growing exponentially. It is anticipated to cut 4-6 percent of the global SAAS market by 2030. It has the potential to disrupt every vertical. F&B is one of the top industries to be disrupted by SAAS. And the timing could not be better, as due to the pandemic the industry is seeking the urgent need for tech support. SupplyNote is one of the start-ups that hold the potential to reform,” said Mr. Apoorva Ranjan Sharma - President and CO-Founder, Venture Catalysts.

“International F&B brands are entering to India and intend to scale their presence. SupplyNote provides them with an intelligent platform for such a scale, connecting local supply networks to the spread-out outlets bringing the infrastructure push that these businesses need to grow exponentially in India. Furthermore, it allows them to take this platform to operationalize their operations worldwide” said Mr. Sri Purisai, Founder and General Partner, Riso Capital.

To enable the expansion plans, the brand will be utilizing funds in hiring and upgrading the tech stack, scale up its HoReCa marketplace, extend credit options through partners, enabling easier transactions between restaurants and suppliers, and reinforce its fulfilment service function.

It will also utilize a part of the amount in closing strategic partnerships with POS, Payments, and Loyalty companies. Understanding that the market is right for a tech intervention, the start-up aims to go aggressive in its approach.

About SupplyNote

SupplyNote is second entity of Adcount Technologies, that was founded in 2015 by four engineers from IIT Kanpur, Kushang-CEO, Abhishek Verma-COO, Nitin Prakash-CPO and Harshit Mittal-CTO. In 2019, the company started SupplyNote with an aim to provide end to end digitization of procurement process and automation steps like inventory management, ordering, payment ledger management and to solve the supplier/product discovery problems within HoReCa industry.

Supply chain Automation Platform Supplynote Raises $600K from SOSV and others

Amidst Japan, Australia and India supply chain alliance talks, Supplynote raises USD 600K from US and Australia based VCs

Noida, October 21, 2020: Supplynote, a supply chain automation platform has raised 600K USD in a bridge round. The round has been led by the US-based multi-stage venture capital firm SOSV and Australia-based global VC firm Artesian Ventures. Existing investors SucSEED Ventures, CIO Angel Network, Venture Catalysts and angel investors Arjun Soni, Angad Soni and Sunny Vohra also participated in the round.

Supplynote works for both restaurants and suppliers and connect them seamlessly on its two-way SaaS platform. This allows end-to-end digitization of the procurement process
The funding will be utilized in business development activities and expansion pan India. A part of the funding will also be utilized in product development. The funds will be deployed in a phased manner given the current unprecedented times when the markets are uncertain across the globe.

Commenting on the fund-raising during the pandemic, Kushang, co-founder and CEO of Supplynote said, "We are delighted that we could raise fundsn even during the current difficult times when most of the industries are struggling including the restaurant industry which is the key target audience for our solution. Our solution will enable the restaurant outlets to fast-track their journey back to their regular business by helping them save money on their inventory and manage their supply chain better. The solution is more relevant to the clients now when they are struggling to return to normalcy."

"The restaurant industry, strong-armed by delivery platforms, is ripe for digitalization and disruption. Supplynote enables restaurants not only to increase profit by 70% but also to supercharge their supply chain efficiency. The solution by Supplynote has gained great traction in a very short span of time. And as things return to normalcy in the market post COVID19, we anticipate a surge in demand for this unique solution," said William Bao Bean, General Partner at SOSV, Managing Director of MOX - Mobile Only Accelerator.

"Technology continues to play the pivotal role for any industry today, in order to help businesses, get back to normalcy, as the world is coping with Covid-19. For the F&B industry specifically, Supplynote has created one of the best examples of Digital Transformation, showing how such an unorganised aspect of the F&B business can be solved with the use of Digital Technology. It's time for other industries to learn from such case studies, and identify opportunities for Digital Transformation within their respective domains. Congratulations to the founders for creating this example to be reckoned with," said Mr.Vikram Upadhyaya, Founder, GHV Accelerator.


"The idea to address a long prevailing challenge in the supply chain in restaurant industry is itself very unique in the market. In a very shot span of time the solution by Supplynote has caught the right attention. We see this solution getting accepted across the industry and becoming a 'must' for any restaurant business," said Mr. Vikrant Varshney, Managing Partner, SucSEED Ventures.

Supplynote plans to enable 2000 more restaurant outlets in India with its unique solution, by the end of the current fiscal year. With monthly transactions worth approximately USD 1.3 M managed on the platform, the startup anticipates a multifold growth in the coming times. It also aims at reaching USD 100M transaction volume run rate in the next 2 years. Adopting Supplynote solution has enabled restaurant outlets to reduce their operational cost by 8-10%. On average the solution can help a restaurant increase the profit margins by 70 percent.

About Supplynote

Incepted in 2019, Supplynote is a supply chain automation platform providing SAAS platform to restaurants. Established by the founders- Kushang-CEO, Abhishek Verma-COO, Nitin Prakash-CPO and Harshit Mittal-CTO, the company was started with an aim to provide end to end digitization of procurement process and automation steps like inventory management, ordering, payment ledger management and to solve the supplier/product discovery problems. Over the period the company has witnessed an 150 % of YoY growth. The company is funded by -Sucseed Ventures, Venture Catalysts, CIO Angels,91 Springboard and GHV Accelerator. Supplynote is the second platform in the direction of digitization of supply chain in f&b industry, by the parent company Adcount Technologies. In 2015, the company had launched the platform Adurcup. Including the current fundraise, the company-Adcount Technologies has raised a total of USD 1.6 M since its inception.

About SOSV

SOSV is a top-performing US-based venture capital firm with over US$740 million under management as of 2020. Recognized as the world's 2nd most active seed investor in 2019 by Crunchbase, SOSV backs more than 150 startups annually through its global accelerators. SOSV operates HAX, the world's first hardware accelerator (in Shenzhen, San Francisco, and Tokyo); Chinaccelerator, the first startup accelerator in China (in Shanghai); MOX, the accelerator for mobile-only markets (in Taipei); IndieBio, the first startup accelerator for life science and biotech (in San Francisco and New York); and Food-X, the disruptive food tech and agritech accelerator (in New York City).