Aahaa Stores raises $2 million from UAE’s Calega

AHMEDABAD: Aahaa Stores, an integrated procurement services provider for office supplies, raised $2 million (Rs 13.5 crore) from UAE-based global investment group Calega.

The startup plans to utilise the money to upgrade its technology, expand business across new verticals and geographies, enrich infrastructure by inducting more independent service providers and mobilise superior talent. Founded in 2013 by industry veteran Asokan Sattanathan along with Rajaraman Sundaresan and Harish Kannan, Aahaa Stores had earlier raised capital funds twice, $1 million each from a group of investors led by YourNest. “We were looking at investing in India and narrowed down our choices to startups that use technology in a unique way. Aahaa Stores aptly fits this description. We should be able to assist Aahaa grow beyond the boundaries of India,” said Sanjay Pahwa, director at Calega.

Calega is a group of individual investors, spread globally with their own private funds and are interested in early-stage investment. It is currently evaluating opportunities in the $1-5 million range and has identified technology, consumer and medtech as areas for potential investment. Aahaa is the first investment that Calega closed in India. “We plan to expand the full range of curated assortment of products across all major brands in stationery, printed materials, housekeeping, electronics & IT, food & beverage, packaging and company-specific consumables” said Sattanathan, chairman, Aahaa Stores.