New Delhi, July 10 -- Arteria Technologies, a supply chain SaaS and fintech platform, has raised Rs 100 crore (around $11.7 million) in its Series B funding round from ICICI Venture, one of India's oldest alternative asset managers with a historical AUM of about $6.5 billion across private equity, venture capital, real estate, infrastructure and special situations.
The funding includes primary and secondary components, Arteria said in a statement. It didn't disclose which investors made partial or full exits.
ICICI Venture made the investment from the IVen Amplify Fund, which is its maiden venture capital fund. The fund has a target of Rs 1,000 crore with a greenshoe option.
In May, ICICI Prudential Asset Management Co Ltd announced plans to take over the group's private equity, venture capital, and real estate fund management businesses.
Previously, ICICI Venture's parent firm ICICI Bank and its sister concern ICICI Investment Management Co. had poured Rs 8.7 crore into Arteria for around 20% stake in the company in March 2018.
Arteria's plans
The company plans to use the funds for team expansion, market growth, and driving AI-based product improvement as it scales its enterprise supply chain digitization and embedded lending solutions.
"This funding will play a key role in growing our team, entering new markets, and investing in AI-led product innovation.to using data intelligence to improve supply chain visibility for our enterprise clients and unlock easy, tech-enabled financing for supply chain partners," said Sriram Kanuri, chief executive officer of Arteria Technologies.
Arteria claims that its platform addresses challenges in enterprise supply chains by combining strong SaaS solutions with integrated financing options. The company has partnerships with over 100 companies in sectors such as FMCG, FMEG, automotive, building materials, manufacturing, and process industries.
"Arteria's fast-growing, profitable path as a software products SaaS company stands out in the Indian IT market," said Sharad Malpani, director at ICICI Venture and co-head of IVen Amplifi Fund.
"It's tech-focused, data-driven approach to digitising supply chains, combined with its ability to integrate financing solutions from third parties seamlessly, offers a strong value proposition for many companies in India, especially in the MSME sector", he added.
Published by HT Digital Content Services with permission from VC Circle.