AdCount Technologies Pvt. Ltd which operates SupplyNote, a business-to-business (B2B) software-as-a-service (SaaS) provider has acquired Posify Solutions for an undisclosed sum, the company announced on Tuesday.
The deal will allow SupplyNote to secure all of restaurant-focused Posify’s existing clients and further boost its goal of increasing its client base fourfold over the next fiscal year, according to a statement.
SupplyNote offers integration with most POS (point-of-sale) platforms to obtain sales data for inventory automation. With the acquisition of Posify solutions, SupplyNote acquires Posify’s intellectual property as well as the team, the statement noted.
Founded in 2019 by Kushang who serves as chief executive officer, Abhishek Verma, Nitin Prakash and Harshit Mittal, SupplyNote has a strong presence in the Delhi-NCR region with clients like Burgrill, Slay Coffee, Bakingo, Vadilal, Natural's, Biryani By Kilo, ZFW Hospitality, Nazeer's Foods, Burgerama, Theos, Wat-a-burger and Blue Tokai, among others. It has onboarded 2,750 clients in the fiscal year 2021-22 and aims to onboard an additional 7,000 clients in the fiscal year 2022-23.
“The food & beverage industry has to endure huge losses due to inventory mismanagement since most outlets still use pen and paper to track and manage their inventory. There is no digital record of consumption, which leads to human errors. SupplyNote as a solution can help businesses cut down their cost of operations while helping them increase their profit margins by reducing losses caused due to mismanagement,” said Kushang, co-founder and CEO, SupplyNote.
The company claims to assist its clients in increasing bottom profit margin by 70% by reducing costs and expenditures in the restaurant and hotel supply chain. It saves approximately 4% of net revenue from pilferage and theft, up to 6% by preventing unnecessary costs through better utilisation, approximately 8% by reducing overpriced purchases and about 2-3% on human resources.
Currently, SupplyNote is present in 83 cities across India, with plans to expand and provide services to its clients in 50 new cities.
Among other deals in the restaurant management space, earlier this year, UrbanPiper Technologies snagged $24 million in a Series B round of funding from existing investors Sequoia Capital and Tiger Global. The round also saw participation from food delivery aggregators Swiggy and Zomato along with select angel investors.