Chennai-based online procurement service partner Aahaa Stores has received funding of USD 2 million from UAE-based Calega Group. The company plans to utilize the investment to upgrade technology, expand business to more cities, and to grow its network of independent service providers.
Aahaa Stores, founded in 2013, is a one-stop-shop for indirect supplies for corporate. Founded by Asokan Sattanathan, Rajaraman Sundaresan, and Harish Kannan, the startup currently delivers products to over 4,500 pincode destinations from 11 locations across India.
“We are well on course to achieve the first milestone of Rs 100 million sales per month. Using these funds, we plan to expand the full range of products across all major brands in stationery, printed materials, housekeeping, electronics & IT, food & beverage, packaging and company specific consumables,” Aahaa stores co-founder Asokan Sattanathan said in a statement.
This is the third funding round Aahaa stores has raised after it secured USD 2 million from a group of investors in two separate rounds, led by YourNest. The startup also helps businesses save on indirect purchases spend by managing their supply chain, creating fair-play bargaining opportunities in an unorganized space, and by streamlining vendor network. The startup currently supplies to IndusInd bank, Tata AIG, TCS, Wipro, Reliance Nippon, ITC Hotels, Oyo, Uber, Yes Bank, Equitas, Ashok Leyland, Bosch, and Eicher, among several others.
Aahaa’s proprietary platform integrates all supply chain processes like demand aggregation, online approvals, e-Catalogue, recommendation engine, micro logistics through auto-assignments, real-time analytics and spend control tools.
“We were looking at investing in India and narrowed down our choices to startups that use technology in a unique way to make life simpler for businesses, industries, and governments. Aahaa Stores aptly fits in our description. We should be able to assist Aahaa grow beyond India,” Sanjay Pahwa, Director at Calega said.
Calega, a global fund, is currently evaluating various other investment opportunities in the range of USD 1-5 million, and has identified technology, consumer and med-tech as areas for potential investment.