The round also saw participation from TVS Shriram Growth Fund, 021 Capital, among others
Increff is also expanding its ESOP pool size which will be worth around $7 Mn
In 2019, the Sequoia-backed startup had raised $3 Mn from Binny Bansal and 021 Capital
Image Credit: derbifoundation
Bengaluru-based supply chain management startup Increff is raising $11 Mn in a fresh round of funding led by Premji Invest.
The round further saw participation from TVS Shriram Growth fund along with its existing investor Binny Bansal’s 021 Capital. Individual investors such as Prem Gupta, Rajesh Ramaiah, Kamal Khanna, Manish Saigal, and Anshuman Das among others also participated in the funding round.
In an extraordinary general meeting held on February 11, 2022, Increff decided to approve 40 equity shares and 6,250 Series B CCPS among above-mentioned investors to raise $11 Mn in funding.
The round is yet to be closed and more investor might join the captable. Increff has declined to comment on the development.
The development has come almost three years after the startup had raised $3 Mn from Binny Bansal and his venture capital firm 021 Capital. The startup had earlier raised $2 Mn from Sequoia Capital, and a clutch of investors.
The shareholders in the meeting further increased the ESOP pool size by 1,520 equity options, thus taking the total ESOP pool size to 3,920 equity options. At the current price of Increff’s equity share, the ESOP pool size will be worth around $7 Mn.
Founded in 2016 by Rahul Jain, Anshuman Agarwal and Romil Jain, Increff takes an “end-to-end” view of the fashion supply chain and has developed a recommendation engine, which ensures availability of the right products at the right prices and quantity for various locations.
The startup claims that its solutions help its customers revenue lift by 20-25% and margin lift by 4-5%. The inventory optimisation platform counts clients such as Ralph Laurent, Timex, Lenskart, Adidas, Reliance Retail, Amazon among others.
Increff competes against the likes of Snapdeal’s Unicommerce, Shiprocket360, Browntape, Eshopbox, among others. While media reports suggested that Unicommerce raised a fresh round of investment from SoftBank recently, Browntape last year had raised an undisclosed amount of funding.
With the onset of the pandemic, increase in internet penetration, and rising number of D2C brands, ecommerce is witnessing significant rise in adoption. As per Inc42 Plus report, India’s ecommerce market size is expected to touch $200 Bn by 2026. Ecommerce is expected to capture 11.4% of the total Indian retail market by 2026.
