Intelligent Retail Pvt Ltd, which runs distribution and logistics platform Ripplr, has raised Series B funding of $40 million (around Rs 380 crore) led by venture capital fund Fireside Ventures.
The round also saw participation from Bikaji and Neo Foods, with existing investors 3one4 Capital, Zephyr Peacock and Japanese conglomerate Sojitz Corporation. Ripplr also raised debt from Stride Ventures, Alteria Capital, Northern Arc Investments and Trifecta Capital in its latest fundraise.
However, the company declined to divulge the valuation details.
Bengaluru-based Ripplr plans to use the fresh funds to scale up its tech platform and expand its team. The company, which is largely present in South India, now also plans to expand its operations to have a pan-India presence.
“So far, we have built one of the strongest networks in South India with nine city coverage. Now our focus will be to look at West and North India as these two are the largest zones in terms of business opportunities,” said Santosh Dabke, cofounder, Ripplr.
Founded in 2019 by Dabke and Abhishek Nehru, Ripplr is a plug-and-play integrated distribution network offering distribution as a service to brands. It manages and digitises operations, helping create visibility and reach with a management layer for the supply chain.
“With this round, we are aiming to increase our geographical footprints in India to solve the reach and visibility complications faced by all the FMCG Brands in offline distribution and supply chain,” co-founders Dabke and Nehru said in a joint statement.
The company, which claims that it is operationally profitable, is currently operational across 12 cities. It provides its distribution services to some of the leading FMCG (fast-moving consumer goods) companies in India, including Dabur, Tata Consumer Products, Unilever, Godrej, Britannia, ITC, Nestle, Nivea, and Colgate, among others. It also provides logistics services to clients brands like Licious, BigBasket, DMart, Metro, Croma, MilkBasket, Livspace, Captain Fresh, Kurl On, etc.
In the financial year, Ripplr’s revenue grew nearly six-fold to Rs 275 crore in the financial year ended March 2022 from Rs 47.8 crore in the previous fiscal. On the other hand, its loss jumped about two-fold to Rs 9 crore in FY22 from Rs Rs 4.8 crore in FY21, as per the data from VCCEdge, the data intelligence platform of VCCircle.
Earlier in 2021, Ripplr raised $12 million in a mix of equity and debt round from Sojitz Corporation and Stride Ventures. It also counts Chand Family Office, Yukti, as well as Sprout Venture Partners as its investors.