Venture Catalysts Invests an Undisclosed Amount in Adurcup’s Bridge Round of Funding
Gives a fillip to Adurcup’s vision of creating automation for procurement in India’s F&B industry
Venture Catalysts, India’s integrated incubator, has announced an undisclosed amount in Adurcup, a restaurant procurement platform providing a unique stack of SAAS and Ecommerce solutions. The platform provides a comprehensive portfolio of products to cater to the procurement problem of ‘HoReCa’ industry, which stands for ‘Hotels, Restaurants, and Catering.’ By participating in Adurcup’s bridge funding round, Venture Catalysts has bolstered the platform’s plans to streamline process gaps and reduce manual intervention driven errors in the procurement process of India’s F & B industry. Notable investors including Dipan Dalal of MK Ingredients & Specialities, Navin Pansari of Olympia Industries Ltd., Sudhanshu Rastogi of Sarc Infrastate Ltd., Somesh Bhatia of FCC Projects Pvt. Ltd. and others participated in the round. Singapore based VC Tushar Aggarwal also participated in the round.
With a vision to completely automate procurement in F&B industry, Adurcup was incepted by IIT Kanpur alumni; Abhishek Verma, Harshit Mittal, Kumar Kushang and Nitin Prakash. The organization facilitates and optimizes procurement of products and services for food-related startups. The online platform offers a unique end-to-end SAAS and ecommerce stack for covering vendor management, inventory management, distribution center management, logistics management and product sourcing.
Speaking on his decision to invest in Adurcup, Dr. Apoorv Ranjan Sharma, Co-founder and President of Venture Catalysts said, “Adurcup is already moving closer towards its vision of building the technology infrastructure long awaited to bolster HoReCa industry’s supply chain. Having had the first mover advantage in this space, the company has managed to create a very strong database on the basis of digital transactions. It has already impacted more than 1 million dining out experiences, half a million food deliveries and empowers more than 500+ SME's in the value chain with major presence Delhi NCR. Considering how they are generating value for their customers by making restaurant procurements smarter, we are thrilled to add Adurcup to our portfolio and become a part of what promises to be an amazing growth story in the days to come.”
Speaking on the fund raise, Abhishek Verma, COO & Co-Founder, Adurcup said, “We are excited to enter this phase of our growth and welcome all our investors who have come on board in our current round of funding. We will be leveraging this capital to train the distributor network in using technology, strengthen our presence in all the major metro cities, start cold supply chain and address the complete wallet of HoReCa. We have been quite focussed on the non-perishable segment in the restaurants and after cracking the same in the Delhi-NCR region, we are now looking towards increasing our horizons and becoming a market leader in supply chain automation across the country. Today we are one of the largest HoReCa supply chain databases. After building a substantial infrastructure of digital transactions, we feel that the goldmine of our business is our data, which has been acquired in a very capital efficient way. Right now, we are sitting on the cusp of disruption as we move towards launching some incredible features in the next 12 months using our data.”
The scope of the HoReCa industry is immense considering the existence of more than 1.5 Lakhs restaurants within the top 75 cities of the country. Adurcup’s sound business model, India’s largest supply chain data repository with one million+ data points and a firm grip on the customer’s wallet have combined to set the platform towards unprecedented growth in terms of scalability of product. Having already delivered sales of INR 3.6 Cr in FY17-18 and a run rate of INR 25 Cr for FY 18-19, Adurcup will now leverage the latest funds secured to build a stronger technology that fully transforms the HoReCa procurement process.
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