Aksum raises $1M in pre-series: A funding to expand supply chain efficiency solutions

Aksum, a business-to-business (B2B) supply chain efficiency solutions provider, has successfully raised $1 million (Rs 8.2 crore) in a pre-Series A funding round led by Inflection Point Ventures. The New Delhi-based startup plans to utilise the funds to enhance its technology stack and expand its geographic presence. Aksum, founded by Sumit Bhatia and Ankit Jain, offers procurement automation solutions to small and medium-sized enterprises (SMEs) and large corporations, streamlining their purchasing processes. Ankit Jain expressed that this funding will support a 2X growth of their business and provide access to cost-efficient working capital solutions from both Indian and foreign financial institutions. Vikram Ramasubramanian, a partner at Inflection Point Ventures, stated that Aksum is on track to achieve a gross merchandise value of Rs 250 crore in the upcoming financial year of 2023–24.

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