Binny Bansal, 021 Capital lead $3 Mn round in Sequoia-backed Increff

End-to-end supply chain management firm Increff founded by former Myntra executives - Rajul Jain, Nirmal Jain, Anshuman Agarwal and Romil Jain - has been able to onboard renowned investors in fresh funding round.

Starting with $2 million seed fund from Sequoia Capital in 2017, the Bengaluru-based startup has picked up $3 million in Series A round led by Flipkart co-founder Binny Bansal and venture firm anchored him called 021 Capital.

The startup looks quite confident with this backing as it's planning to foray into the international market. Besides a significant part of the capital would be used for product enhancement.

Currently, it operates with 60 employees and 7 partnered fulfillment centres across the country. Although, it plans to become 100 people team by 2019.

Increff essentially offers multi-channel (Online, Offline, B2B, B2C) inventory, order and return management with major e-commerce players. It offers logistic service based on lane, mode, and SLA (Service-level-agreement).

The startup runs two digital products namely IRIS and ASSURE. While the former is an end-to-end merchandising product catering to demand sensing, open to buy, distribution, pricing and business intelligence, the latter is inventory management and order fulfillment product almost 100 per cent accuracy rate.

Increff counts companies like warehousing automation venture Grey Orange, Wrogn, Myntra, Zivame, Abof, Clovia among others as its clients.

Unicommerce, Manthan and Boomerang Commerce are some of the notable startups in this space.

The development was first reported by TechCircle.