B2B SCaaS Platform Aksum Raises $1 Million In Pre-Series A Funding The funds will be used to enhance and reinforce the technology framework of the company and also expand its reach to new geographic locations
By Teena Jose
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Aksum, a B2B SCaaS (Supply Chain as a Service) platform, has raised $1 million in a mix of equity and debt in its pre-Series A funding 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.
"We would like to thank IPV for believing in our vision to build India's first ScaaS B2B platform. The fund raised will help us in expanding our product category portfolio and bring transparency and efficiencies in the supply chain function. It will also grow the business 2 times and provide access to cost-efficient working capital solutions through Indian and Foreign Financial Institutions. Our aim is to remain profitable and grow steadily," said Sumit Bhatia and Ankit Jain, co-founders, Aksum, in a joint statement.
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.
"To streamline the supply chain operation, usually SME's and corporates require adequate amounts of capital and human resources which can be time consuming and costly. Aksum with its digitized platform will not only enhance the entire supply chain process but also provide a complete transparency in the end to end supply chain. Thus enabling manufacturing and infrastructure sectors to focus on their business and grow with ease. IPV is confident that their expertise coupled with Aksum's unique business model will further help them to grow strategically in the coming months," said Vikram Ramasubramanian, partner, Inflection Point Ventures.
Aksum Trademart is a ScaaS business-to-business (B2B) platform that provides supply chain as a Service (SCaaS) solutions to small and medium-sized enterprises (SMEs) and large corporations.
