Bengaluru-based end-to-end fashion supply chain Increff has raised Rs 13 crore in a round led by Sequoia Capital.
The other bunch of investors who participated in the funding include Rajesh Ramaiah, Director and Chief Financial Officer of PremjiInvest; Anshuman Das and Rishi Das, Founders of recruitment firm CareerNet; and Jasbir Juneja, Director at research firm Redseer Consulting.
As per the ET report, the latest proceeds will be used to enhance its product offering, expand its customer base and hire for its technology team.
Commenting on the development, Rajul Jain, Chief Executive of Increff said, “The fashion industry, including brand houses, retailers and ecommerce players, is struggling to generate margins while they try to achieve a faster rate of moving inventory. INCREF’s offering takes into account factors such as predicting demand on merchandising level and ensuring constant tracking of every item at warehouse level.”
Operated as NextSCM Solutions Pvt Ltd, Increff was founded in August 2016 by former Myntra executives, Rajul Jain, Nirmal Jain, Anshuman Agarwal and Romil Jain . It offers multi-channel (Online,Offline, B2B, B2C) inventory, order and return management with major e-commerce players. They have logistic service based on lane, mode and SLA (Service-level-agreement).
Increff is a business partner to fashion and lifestyle brands like Grey Orange, Zivame, Abof, including others and through their technology and data backed intelligence they provide relevant algorithms for superior recommendations, claims the company.
In recent times, Sequoia Capital has been aggressively proactive in startup funding. B2B startup Numberz, a cash flow management firm that offers invoice and expense management solutions was in talks to raise $3 million from Sequoia Capital.
OneAssist, a consumer solutions startup raised Rs 118 crore while Fintech consumer lending startup MoneyTap has raised $9 million in series A led by Sequoia India. Last month, the US-based Venture firm was in the news for raising $4 billion to fund in start-ups.