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Sequoia-backed Increff racks up $12 mn from TVS, 021 Capital, others

By Kaushiki Chatterjee

  • 21 Feb 2022
Sequoia-backed Increff racks up $12 mn from TVS, 021 Capital, others
Credit: Thinkstock

NextSCM Solutions Pvt. Ltd, which runs supply-chain startup Increff, on Monday said it has secured $12 million (around Rs 89 crore) as a part of its Series B round from a clutch of angel investors including TVS Capital Funds, Premji Invest, Binny Bansal’s 021 Capital, among others. 

The Bengaluru-based platform plans to use the fresh funds for building offices, boosting the US and Europe’s team and onboarding visionary products and services to ramp up the firm’s supply-chain efficiency. 

“We have been growing between 83% and 116 % YoY for the last 4 yrs (including Covid years). We are a capital-efficient company and have every internal process in place to run a very large company. We are solving retailing challenges for global brands like Puma, adidas, Bata, Levi’s, Pepe, Celio, Gap, Benetton, Tommy Hilfiger, Mango, CK, Louis Philippe, Van Heusen, Jack & Jones, Namshi, Aramex, Sephora, Amazon, etc," said Rajul Jain, CEO and Co-Founder at Increff

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"Now our focus will be on growing fast, taking our technology product as well as our warehousing services to the US and Europe in a big way, and adding visionary products," he added. 

Increff, launched in 2016, offers a host of software-as-a-service-based industry-agnostic merchandising solutions and smart warehousing solutions.  

At present, the company operates from India and the Middle East and are looking expansion to the US and Europe. 

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In 2017, the company raised Rs 13 crore (approximately $2 million) in a seed round of funding led by Sequoia Capital. It raised Rs 20 crore (around $3 million) from Venture capital firm 021 Capital and Flipkart co-founder Binny Bansal in 2019. 

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