Venture capital firm 021 Capital and Flipkart co-founder Binny Bansal have invested Rs 20 crore ($3 million) in Bengaluru-based Increff, which offers supply-chain technology solutions to fashion brands and retailers.
This is the Series A round of funding for Increff, the startup said in a statement.
Increff, operated by NextSCM Solutions Pvt. Ltd, will use the funds to enhance its product offerings and foray into international markets.
Rajul Jain, CEO at Increff, said the company is focused on making supply chains efficient by helping clients make accurate demand forecasting and providing a single view of inventory and warehousing operations.
Increff was founded in August 2016 by former Myntra executives Rajul Jain, Nirmal Jain and Anshuman Agarwal, and former NgPay executive Romil Jain.
It had raised Rs 13 crore ($2 million) in a seed round of funding led by Sequoia Capital in 2017.
The startup offers a supply-chain management platform that includes verticals such as tech-led merchandising and pricing, design intelligence, fulfillment technology and services. Besides, it helps in mobilising working capital for inventory financing to its customers and also provides centralised cataloguing and listing services.
“Increff is a great example of the type of technology-led, disrupting businesses that we like to invest in,” said Binny Bansal, who is also one of the backers of 021 Capital.
The startup, whose potential clientele includes fashion and lifestyle brands, e-commerce retailers and warehouse operators, leverages big data to optimise sales and inventory efficiency.
The company counts companies like warehousing automation venture Grey Orange, lingerie e-tailer Zivame, Aditya Birla Group-owned fashion e-tailer Abof, Brand Studio Lifestyle Pvt. Ltd and Campus Sutra among its customers.
The venture capital fund was launched two years ago by Sailesh Tulshan, the personal investment adviser to the founders of homegrown e-commerce major Flipkart.
Tulshan is also the founder of Tsai Shen Capital, an investment advisory firm for individuals and large family offices. He was earlier associated with family office Client Associates and private-sector lender HDFC Bank.
021 Capital had previously invested in Gurugram-based legal-tech startup SpotDraft, Bengaluru-based biotech startup Pandorum Technologies and packaged food startup Y-Cook.