Increff, a startup that offers supply chain and warehousing solutions to physical stores, has secured funding of $3 million in a Series A funding round led by billionaire and former CEO of Flipkart Binny Bansal and 021 Capital, the company said on Wednesday.
The new amount will be utilized to enhance customer pipeline, its product offerings, and expand to international markets. Increff plans to add newer fashion, lifestyle brands, and retailers onto its platform. Currently, over 50 brands such as Puma, Esprit, Reliance AJIO, MangoMyntra.
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The startup 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 few other angel investors.
The company has a strength of 60 team members and plans to further add 40 more in this year post the new funding.
“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.