Aksum Trademart Pvt. Ltd, a business-to-business supply chain startup backed by Inflection Point Ventures (IPV), said Thursday its revenue more than doubled to Rs 240 crore in the financial year ended March 2024
The company also said its profit before tax grew by more than 700% during the year. It didn’t disclose absolute numbers for pre-tax profit or profit after tax.
Aksum’s revenue stood at Rs 98.3 crore in FY23 while its net profit came in at Rs 1 crore.
At Rs 240 crore, its revenue has grown 12 times since FY22, which was the first year of operations for the startup.
The company said its financial performance reflects the effectiveness of its strategy to remain focused on the core issue of creating efficient supply chains for distribution of raw materials and MRO items. “We are ready to build on this momentum in FY25 with continued focus on creating sustainable and efficient supply chains for the corporate and SMEs of the country with continued focus on strong corporate governance and SME First approach,” it said.
Aksum is a B2B supply chain startup in the distribution of raw materials to corporates and small and medium enterprises. It also provides access to working capital solutions to its clients via domestic and international financial institutions. The company has partnerships with financial institutions such as SBI, HDFC, ICICI, and Yes Bank, among others. It also provides procurement automation solutions to its customers.
Aksum said that the growth came on the back of its expansion to more than 40 cities across India as well as expanding its product portfolio to include polymers to its existing steel, scrap, chemicals, and construction verticals. It now delivers more than 600 unique stock-keeping units.
In FY24, the company also made investments in its technology to improve its operational efficiency and client service capabilities through its platform and mobile apps.
It also increased its focus on scrap and secondary steel verticals to help companies create a more efficient and sustainable production model. The company said that it generated more than 50% of its revenue from such initiatives.