Bengaluru-based Arteria Technologies raises Rs 100 crore from ICICI Venture

Arteria Technologies, a supply chain-focused software-as-a-service (SaaS) and embedded finance platform, has secured Rs 100 crore in Series B funding from ICICI Venture, the private equity arm of ICICI Bank, to fuel its growth and product innovation efforts.

The funding round, which comprises a mix of primary and secondary capital, marks a significant milestone in Arteria’s push to scale its operations, enhance AI capabilities across its platform, and enter new geographic markets.

“This funding will play a key role in growing our team, entering new markets, and investing in AI-led product innovation,” said Sriram Kanuri, co-founder and chief executive officer of Arteria Technologies. “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.”

Founded in 2007 by Kanuri and Parag Sushilkumar Jain, the Bengaluru-based company provides upstream and downstream supply chain collaboration tools, while also acting as a technology partner for embedded lending in supply chain finance. Arteria works with over 100 enterprise clients across industries such as fast-moving consumer goods, automotive, building materials, and manufacturing.

Arteria reported revenue of $5.38 million in the fiscal year ending March 2024, according to data from startup intelligence platform Tracxn. As of May, the company had 187 employees.

The capital infusion will also support expansion of Arteria’s engineering and product teams as it builds out AI capabilities to automate and optimize various aspects of supply chain workflows. The company plans to strengthen its platform’s offerings for both enterprise clients and financing partners, including third-party lenders.

“Arteria’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,” said Sharad Malpani, director at ICICI Venture and co-head of the IVen Amplifi Fund, which led the round.

ICICI Bank and ICICI Venture had previously invested Rs 8.68 crore in Arteria in a Series A round in 2018, each acquiring a 9.99% stake.