The pre-Series A round of funding for the B2B Supply Chain as a Service (SCaaS) platform Aksum totalled $1 million and was led by Inflection Point Ventures.
According to a press release from Aksum, the money will be used to strengthen and upgrade the company’s technological foundation and extend its reach to new geographical areas. Through Indian and international financial institutions, the company hopes to double its current revenue and give customers access to affordable working capital solutions.
For SMEs and large corporations, Aksum is a platform that uses a B2B supply chain as a service (SCaaS) model to improve the effectiveness of supply chain processes.
The platform provides a number of services to businesses to help them organize their supply chains. These services include procurement automation, which enables businesses to streamline and eliminate errors in their purchasing procedures.
According to Vikram Ramasubramanian, partner at Inflection Point Ventures, Aksum will likely surpass Rs 250 crore in gross merchandise value (GMV) in the fiscal year 2023–2024.
Over 550 crore rupees have been invested by Inflection Point Ventures (IPV) so far across more than 170 deals. In the current calendar year, the fund has already supported more than six startups. Cognetco, Direct2U, EaseMyAI, Loan Kuber, Boingg, and Amikus AI are on the list.