Bengaluru-based autonomous procurement startup Aerchain has raised $3 million in pre-Series A funding round from IndiaMart and Season2 VC.
The funds will primarily be used for building its product and technology capabilities, while accelerating the global expansion. Majority of the funds will also be utilised for hiring people across product, data science, technology, sales and marketing and customer success.
“Every dollar you save through cost reduction is far more valuable than the dollars that come from sales. We are in this unique space where we can provide tangible (hard cash savings and efficiency gains) as well Intangible (compliant procurement) benefits to our customers. Thankfully, this space has a significant potential for disruption and with our data backed approach, we are very bullish in adding value to many more Enterprises at scale,” said Co-founder and CEO Harsha Kadimisetty.
Aerchain was started in June 2019 by Harsha Kadimisetty and Himavanth Jasti (Co-founder and CTO), batch mates and friends from BITS Pilani. It is a next generation autonomous procurement platform helping enterprises optimise their procurement leveraging Artificial Intelligence, enabling cost savings and efficiency gains.
“We’re pioneering autonomous procurement like never before. We are building the world’s most intuitive and intelligent procurement platform where technology is not just an enabler, but a decision maker. Think of us being a Siri or a Google Assistant for procurement, only with better answers!” added Harsha.
Aerchain claims that it leverages tons of data lying across multiple systems and smartly automates the process of sourcing, negotiation, contracting and invoice processing. With such AI powered capabilities, Aerchain AI can be integrated with their existing workflows like mails, chats, voice etc to eliminate any adoption challenges.
Aerchain helps enterprises and mid-market companies in F&B, Pharma, Manufacturing and other modern enterprises.
“Being an enterprise SaaS model, we work with customers on an Annual Subscription Model charging clients based on the modules being offered, size of the clients, no of vendors and transactions,” said Harsha.
With around half a million dollars in ARR, Aerchain counts enterprise clients like AbInBev, WeWork, Cars24 etc under its portfolio.
“We’re already EBITDA and cash flow positive. With this fundraise, we plan to grow the revenue multifold while establishing a strong PMF globally,” Harsha said.