Source: YourStory.com
Bengaluru-based SaaS startup Arteria Technologies raised ₹100 crores in its Series B round of funding. The funding was led by ICICI Venture through its IVen Amplifi Fund as part of a mix of primary and secondary funding.
With the fresh capital, Arteria plans to expand to new markets, hire new people, and build new artificial intelligence (AI) products. Arteria is also working to enhance its supply chain platform to make it more efficient for larger businesses and their partners.
Arteria was launched in 2010 and helps organizations build digital tools to optimize their supply chain operations from sourcing raw materials to distributing finished products. One of Arteria’s key features is embedded financing, allowing suppliers and distributors to access working capital through Arteria. This improves cash flow and decreases paperwork and traditional loan processes.
Speaking about the new funding, Sriram Kanuri, CEO of Arteria, said, “This funding will play a key role in growing our team, entering new markets, and investing in AI-led product innovation, We are committed to using data intelligence to improve supply chain visibility for our enterprise clients and unlock easy, tech-enabled financing for supply chain partners.”
Arteria works with over 100 large enterprises that operate in a wide variety of industries, including FMCG, automotive, building materials, and manufacturing. Its platform serves as a foundational tool to help businesses digitise their supply chain processes to reduce bottlenecks and inefficiencies.
ICICI Venture, the private equity arm of ICICI Bank, said ”Arteria’s fast-growing, profitable path as a software products SaaS company stands out in the Indian IT market, Its tech-focused, data-driven approach to digitising supply chains, combined with Arteria’s ability to integrate financing solutions from third parties seamlessly, offers a strong value proposition for many companies in India, especially in the MSME sector.”
ICICI has also invested in Arteria before. In 2018, ICICI Bank and ICICI Investment Management Co., respectively, purchased 9.99%, or ₹8.68 crore, stake each in the startup. ICICI Venture, which started in 1988, also follows mid-size investing and helps mid-size companies scale their businesses. Earlier, it invested ₹136 crore in Innovist, a personal care startup with brands like Bare Anatomy and Chemist at Play.
With the latest funding, Arteria will advance its technology, enhance its AI capabilities, and make its supply chain platform smarter and easier to access. The main goal of the company is to provide support to more businesses in India and beyond by bringing together digital tools with flexible financing models.
