Bengaluru: Increff, a startup that offers supply chain and warehousing solutions to physical stores, has raised $3 million in a Series A funding round led by Binny Bansal and 021 Capital, the company said on Wednesday. The funds will be used to fuel the expansion of its customer pipeline, enhance its product offerings, and enter international markets.
The new investment round will also enable Increff to add newer fashion, lifestyle brands, and retailers onto its platform.
Increff claims it increases the sales and inventory efficiency of brick-and-mortar brands. It works with more than 50 brands such as Puma, Reliance AJIO, MangoMyntra, Esprit.
Increff, which was founded in 2016 by Rajul Jain, Anshuman Agarwal, and Romil Jain, had initially raised $2 million in seed funding from Sequoia Capital and a clutch of angel investors.
The startup, which is based in Bengaluru and has seven partnered fulfilment centres across India that were opened in the last one year, claims to have a team of 60 and plans to add 40 this calendar year.
“Increff aims to become the most impactful technology solutions company in the world, focused on making supply very efficient. We’re excited to have partners such as Binny Bansal, Sequoia, and 021 Capital on board...," said Rajul Jain, chief executive officer, Increff. “Increff has rapidly developed a leadership position and is poised to disrupt the fashion industry via technology. What they have developed over the last two years is hugely impressive...," said Bansal.