Fri. Mar 29th, 2024

Aahaa Stores, an online platform which sells office supplies, has announced that it has raised about ₹6.3 crore ($1 million) in its pre-Series A funding round. The round was led by YourNest Angel Fund, with the participation of its two existing investors.

While the valuation of the company post funding has not been disclosed, the company said in a press statement that the funding was raised at substantially higher valuation compared to earlier investments.

The fund raised in the current round will be used by the company for expanding the business across new verticals and geographies. It is also planning to spend money for its long-term vision of strengthening its technology platform iPOS.

It will also be spending a significant amount of money on mobilizing top talent and reaching out to new customers across verticals. As per the company, with the money raised in previous rounds, it managed to grow multifold in terms of product portfolio, customer base, geographical presence and sales turnover.

Sunil K Goyal, Managing Director and Fund Manager, YourNest said,

Aahaa 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.

Commenting on this new funding round, Aahaa Stores founder and chairman Asokan Sattanathan said,

With our unique solution providing capabilities in the indirect office supplies space, we are well-poised to reach Rs100 crore run rate and attain break even volumes by the end of this financial year.

The company was founded in the year 2013 and is headquartered in Chennai. Aahaa Stores enables a one-stop solution for all business needs pertaining to office management, which is classified as indirect spends. In the last fiscal year, the company registered a turnover of ₹65 crore and is expecting to close March 2018 with ₹100 crore.

By Jeet