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Funding

SupplyNote’s parent Adcount raises $2.25M in Series A round

Supply chain tech firm Adcount Technologies has raised $2.25 million in a series A funding round led by Venture Catalysts and Artesian. Sattva Family Office, WFC, LetsVenture, Soonicorn Ventures, Cogniphy, SucSEED Indovation, SOSV, and DSP family office also participated in the round.

The funding will be used to scale Adcount’s four verticals—Posify, SupplyNote, SupplyLink, and Vyap—and strengthen the product and technology teams. The funds will also fuel its international expansion, focusing on widening its global footprint, particularly in the MENA and Southeast Asia regions during Phase 1.

The company’s 18-month targets include facilitating $1.2 billion in purchases via SupplyNote, achieving $25 million in annual recurring revenue (ARR) with Vyap, and distributing goods worth $150 million through SupplyLink, according to Adcount’s Co-founder and CEO Kushang.

Adcount Technologies specialises in digitising and streamlining operations for food businesses, offering the industry innovative solutions that drive efficiency, transparency, and growth. This latest round brings Adcount’s total capital raised to $5 million.

Hectar Global bags $2.1M in seed funding

B2B cross-border agri commodity procurement platform, Hectar Global, has bagged $2.1 million in a seed funding round led by Powerhouse Ventures, with participation from WEH Ventures, All In Capital, Indian Silicon Valley, and angel investors Anant Sarda and Adhish Ladha.

The primary focus for this capital infusion, as well as future equity rounds, is to accelerate the firm’s expansion into new geographies while also reinforcing its digital infrastructure, according to Hectar Global CEO Srinath Srinivasan.

Founded by Srinath Srinivasan, Sibhi Kumaran, and Aswath Balaji, Hectar Global is a Singapore-based company that provides a data-driven platform for global food buyers to conveniently purchase container volumes of quality audited Agri commodities.

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Sibhi Kumaran, Co-founder and CBO; Srinath Srinivasan, Co-founder and CEO; Aswath Balaji, Co-founder and COO.

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Jellybean secures $350,000 in pre-seed funding

HR-Tech startup Jellybean has secured $350,000 in a pre-seed funding round led by a clutch of investors, including Paradigm Shift Capital and Sunn91 Ventures. MarsShot Ventures (Razorpay Founders), Vaibhav Vardhan, Saurabh Nigam (VP-Human Capital, Omidyar Network) and Sumanth Narayanan – Business head, Akamai India, also participated in the round.

The funding will be used to strengthen the product and facilitate expansion into new offerings, Jellybean Co-founder and CEO Naren Krishna, said, adding that the firm is also working on leveraging AI to enhance personalisation capabilities.

Founded in 2022 by Naren Krishna, Bhavesh Upadhyay and Ganesha Gampa, Jellybean aims to transform the way organisations design, manage, and streamline employee benefits. With over 100 benefits across various categories, Jellybean’s marketplace allows employees to choose the benefits that align with their specific needs. 

The startup claims that it currently caters to an annualised Gross Merchandise Value (GMV) of over $500,000 in employee benefits.

Other news

PayU, AWS, and Chiratae Ventures launch accelerator programme for fintechs

PayU, in collaboration with Amazon Web Services India Private Limited (AWS India) and Chiratae Ventures, has introduced inFINity, a fintech accelerator programme designed for early-stage Indian startups. 

The 45-day programme offers mentorship from industry experts, curated resources, and AWS Activate credits to foster the growth of participating fintech startups.

Selected fintech startups will be announced on August 17 as the first cohort of inFINity, receiving training, mentorship, and access to PayU’s payment solutions. In addition, startups will receive guidance from PayU to scale operations, expand their customer base, and access up to $25,000 in AWS Activate credits.

Moreover, Chiratae Ventures will offer actionable fundraising guidance, including potential opportunities for select startups to present to the Chiratae Investment Committee.

inFINity 2023 mentors include Anirban Mukherjee, CEO of PayU payments, Kailash Nadh, CTO of Zerodha, Nitin Gupta, Founder and CEO of Uni Cards, Prabhu Rangarajan, Co-founder of M2P, among others. Applications for InFINity 2023 are open till August 11.

(This article will be updated with the latest news throughout the day.)