NewsVoir | 01 Sep, 2017
Aahaa Stores, one of the fastest growing online office supplies platform, today announced that it has raised the second round of pre-series A funding from investor group led by YourNest Angel Fund, an early stage investor in technology, ecommerce and consumer centric businesses. The company had raised first round funding of equal amount around eighteen months ago. The company had grown multifold since then in terms of Product portfolio, customer base, geographical presence and sales turnover. Two of the existing investors including YourNest have participated in this round as well at a substantially higher valuation as compared to their earlier investments. This reaffirms the investorsâ faith in Aahaa Stores. In addition to them, a new investor with a strong equity financing background has picked up 50% equity of the fresh capital.
The company plans to utilize the funds for expanding the business across new verticals and geographies. Aahaa Stores also announced its intent to realize their long-termvision by strengthening its technology platform iPOS, mobilizing top talent and reaching out to new customers across verticals via the funds received.
Asokan Sattanathan, Founder and Chairman, Aahaa Stores, said, âThe second round of pre-series A funding from YourNest and other marquee investors is a strategic step towards building and enhancing further on technology, talent, infrastructure, brand and innovative customer-centric business models. With our unique solution providing capabilities in the indirect office supplies space, we are well-poised to reach INR 100 crores run rate and attain break even volumes by the end of this financial year. Within a short span of time, we have been able to create a niche platform for online office supplies segment which reiterates our confidence that we will soon emerge as a leader in the online office supplies space.â
Commenting on this development, Mr. Sunil K Goyal, Managing Director and Fund Manager, YourNest, said, âAahaa stores has won the trust of the finest enterprise customers in segments including BFSI, Manufacturing and IT, in a short period of time. Winning customer confidence in this competitive market opens further doors for immense growth in meeting the needs of intelligent procurement. aahaa team has the leadership depth and the domain knowledge to excel and grow as a B2B market place."
Launched in 2013, Aahaa has hugely benefitted the BFSI and IT sectors by managing their daily need of essential indirect supplies efficiently and effectively at 4000+ branches across the country. Aahaa has helped many corporates of repute rejig their brand through mobilizing rich and attractive merchandise in their Brand Stores and taking end to end responsibility from sourcing to last mile delivery. Aahaa is immensely popular for streamlining purchase to pay processes in the otherwise competitive manufacturing sector when it comes to tail spends.
About Aahaa Stores
Headquartered in Chennai, Aahaa Stores enables a one-stop solution for all business needs pertaining to office management, which are classified as indirect spends. The key feature of Aahaa stores is its ability to support businesses in vendor consolidation which leads to savings in operational expenses with a single window online ordering across India with built-in controls.
As a leading online procurement service partner, Aahaa stores helps businesses save 20-30% of the expenses incurred in indirect purchases by managing their supply chain, bringing collective bargaining benefits and streamlining the vendor network. Aahaa stores is one of the fastest growing B2B eCommerce startups in India which has tripled its revenue in last one year acquiring clients including biggest brands like IndusInd Bank, Bosch, TCS, Wipro, Equitas, ITC, Samsung, Yes Bank, Ashok Leyland, TVS Credit, and Chola among others.