Aksum, a B2B Supply Chain as a Service (SCaaS) platform, has secured $1 million in a pre-Series A funding round through a combination of equity and debt.
The investment was led by Inflection Point Ventures and will be utilized to strengthen the company’s technology infrastructure and expand its market presence to new geographical areas, as per reported by BW Disrupt.
Vikram Ramasubramanian, Partner, Inflection Point Ventures, says, “To streamline the supply chain operation, usually SME’s and corporates require adequate amounts of capital & human resources which can be time consuming and costly. Aksum with its digitised 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 with their expertise coupled with Aksum’s unique business model will further help them to grow strategically in the coming months.
In addition, he mentioned that the company is making good progress towards achieving a Gross Merchandise Value (GMV) exceeding INR 250 Crore during the 2023-24 fiscal year.
Sumit Bhatia, Co-Founder, 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 in expanding our product category portfolio & bring transparency & efficiencies in the supply chain function.”
Ankit Jain, Co-Founder, Aksum, says, “This fund raise will help us grow the business 2X and provide access to cost efficient Working Capital solutions through Indian & Foreign Financial Institutions. Our aim is to remain profitable and grow steadily.”
The two co-founders of the company, Sumit Bhatia and Ankit Jain, have complementary roles. Ankit, who graduated from IIT Kharagpur, has 17 years of experience in finance and corporate sectors. Meanwhile, Sumit, who holds a post-graduate degree in management, brings 23 years of experience in entrepreneurship and B2B distribution operations to the table.
Aksum is a B2B SCaaS platform that optimizes supply chain for SMEs and Corporates. Services include procurement automation, supply chain optimization and logistics management.