Increff, a Bengaluru based start-up focussed towards providing supply chain and warehousing solutions for physical stores has bagged a whopping $3 million funding in Series A funding round.
Binny Bansal, co-founder, and ex-CEO of Flipkart and 021 Capital, the newest investors of the company, have joined in on the venture to help the company meet plans of expanding its customer pipeline, to venture into international markets and to enhance its product offerings.
“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, CEO and Founder of Increff.
Impressed by what the company has achieved over the past two years, Bansal states that Increff has managed to drive itself into the leadership position and is now focussed towards bringing considerable change through its expertise in supply chain and warehousing solutions in the Fashion market.
The company also plans on widening its services by expanding its inventory with the addition of newer fashion retailers and lifestyle brands under its wing.
Founded by Rahul Jain, Anshuman Agarwal, and Romil Jain in 2016, Increff initially received $2 million in funding through a seed funding round from Sequoia Capital and several other angel investors. And now with this massive boost in funding provided by Binny Bansal and 021 Capital, the company intends to disrupt the fashion retail market and claim the leadership position with its highly impactful use of technology.
Increff, which initially opened its doors for business in Bengaluru, currently has its operations spread across seven partnered fulfillment centres in India. Currently, with a team strength of 60, the company is said to be expanding its team with additional recruitment of 40 more employees under its wing.