Aksum, a business-to-business (B2B) supply chain as a Service (SCaaS) solution, has secured $1 million in its pre-Series A funding round. Inflection Point Ventures led the combination of equity and debt funding rounds.
The SCaaS startup intends to use the fresh funding to strengthen and enhance its technology infrastructure and expand its reach to new geographical locations.
Sumit Bhatia, Co-Founder of Aksum, says, “We would like to thank IPV for believing in our vision to build India’s 1st ScaaS B2B platform. The fund raised will help us expand our product category portfolio & bring transparency & efficiencies in the supply chain function.”
The company claims that the funds would allow them to increase its product portfolio, establish openness and efficiency in the supply chain function, grow its business twofold, and do all of this while remaining profitable.
The company was able to establish ties with businesses like L&T, Jindal Stainless, and Tata Projects in a short period. It has since provided more than 200 stock-keeping units to them for use in manufacturing steel, coal, tiles, paint, polymer, and chemicals.
Aksum offers a range of services to help businesses streamline their supply chain
Aksum offers several services that help businesses optimize their supply chains. Procurement automation is one of these services, enabling companies to automate their purchasing procedures, resulting in time and money savings and fewer mistakes.
The platform also offers supply chain optimization services, which aid companies in maximizing their inventory levels, cutting down on lead times, and enhancing overall productivity.
Additionally, Aksum provides logistics management services that help companies run their logistics and transportation operations more efficiently, lowering costs and speeding up delivery.
By utilizing these services, businesses can boost productivity, lower costs, and increase profitability.
Partner at Inflection Point Ventures (IPV) Vikram Ramasubramanian claimed that Aksum’s digital platform would improve the supply chain process and offer total transparency, enabling the manufacturing and infrastructure industries to concentrate on their operations and grow without difficulty.
It can be time-consuming and expensive for SMEs and companies to streamline their supply chain processes, often requiring significant cash and human resources. IPV is confident that its experience and Aksum’s distinctive business strategy will aid its strategic growth in the upcoming months.