Contrite, a B2B e-procurement platform, has secured Rs 6 crore in a funding round led by Emergent India Ventures. The round also included contributions from Atrium Angels, Alluvium Capital, Venture Garage, CoralBay Ventures, HOF, and Brigade Group.
The company plans to use the funds to boost its technological capabilities, shorten service times, and expand into new regions.
What is Centriti?
Founded in 2022 by Daljeet Singh, Centriti is a B2B e-procurement platform tailored for the hotel, restaurant, and catering (HoReCa) industry. The platform uses mid-mile logistics, warehousing, and AI-powered inventory management to streamline procurement processes for hospitality businesses. By integrating all procurement needs into a single system, Centriti aims to lower costs, reduce waste, and enhance operational efficiency for hotels and restaurants.
Centriti’s Market Presence
Currently, Centriti operates in Delhi, Bengaluru, and Jaipur, with plans to expand into Goa, Hyderabad, Kochi, and Chennai over the next two years. These seven cities represent about 35% of the large hotel market in India, offering a significant target audience for Centriti’s services. The company boasts clients such as Taj Hotels, Oberoi Hotels, Accor Group, Barbeque Nation, and Chai Point.
Daljeet Singh remarked, “This investment is a testament to the hard work and dedication of our team and will enable us to revolutionize procurement systems in the hospitality industry at scale. In just two years, we’ve made a substantial impact in our current markets. With this support, we are well-positioned to deliver exceptional value to our partners and customers.”
Plans for Growth
Centriti aims to scale its operations 10x in the next two years, focusing on market expansion and enhancing its technological infrastructure. “We are currently at a monthly run rate (MRR) of about Rs 2 crore. We plan to double that in the next two months, targeting Rs 4 crore by September and Rs 6 crore MRR by December 2024,” Singh said.
Karan Mittal, General Partner at Emergent India Ventures, added, “As an impact-focused mobility fund, enabling supply chain efficiencies is central to our investment strategy. Centriti’s innovative approach to providing a comprehensive solution for the HoReCa industry through its end-to-end procurement platform, combined with AI, has the potential to transform distribution and mid-mile logistics across the sector.”
