Saturday, September 2, 2017
Online Office Platform Aahaa Stores Raises $1 Million in Second Round of Pre-Series
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 investors’ 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-term vision 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 “The 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 Rs 100 crores run rate and attain breakeven 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.”
Commenting on this development, 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. aahaa team has the leadership depth and the domain knowledge to excel and grow as a B2B market place."