A investment round led by Emergent India Ventures has received around $700k for Centriti, a B2B e-procurement platform for the hotel, restaurant, and catering (HoReCa) market.Alluvium Capital, Brigade Group, HOF, Venture Garage, CoralBay Ventures, and Atrium Angels were also involved in the investment.
The software-as-a-service (SaaS) platform was established in 2022 by Daljeet Singh. It provides the hotel sector with an end-to-end procurement system that is tech-based and helps them enhance efficiency, cut costs, and simplify operations.
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At the moment, it collaborates with 120 lodging establishments and eateries, such as Chai Point, Accor Group, Taj Hotels, Oberoi Hotels, and Barbeque Nation.
Currently operating out of Delhi, Bengaluru, and Jaipur, the company intends to grow over the next several months into Goa, Hyderabad, Kochi, and Chennai.
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Singh claims that these seven cities make up roughly 35% of India’s market for major hotels. As a result, the business has a ready-made target market to reach using their newly developed platform.
Commenting on the investment, Karan Mittal, general partner at Emergent India Ventures, said, “As an impact-focused mobility fund, enabling supply chain efficiencies is paramount to our investment thesis. Centriti’s innovative approach in providing a holistic solution for the HoReCa (hotel, restaurant, and catering) industry through its end-to-end procurement platform, while leveraging AI, has immense potential to revolutionise distribution and mid-mile logistics across the sector.”
Compared to other cities in the nation, these seven cities are seeing a rise in the number of new hotels as a result of increased domestic tourism.
“We are currently at about Rs 2 crore of monthly run rate (MRR). We plan to double that in the next two months. Our target is to reach Rs 4 crore by September and Rs 6 crore MRR by December 2024,” he said. It aims to scale up 10x over the next two years.
The money will go toward expanding into new areas, shortening service times, and improving technology capabilities.
About Centriti
Centriti simplifies hotel and restaurant procurement. Utilizing technology to establish a demand forecast platform reduces inventory holding costs and pilferage.
