Bangalore based startup Increff, which offers end-to-end supply chain technology solutions to retailers and brands has raised 2 million in a seed round of funding led by Sequoia Capital.
The funding round also saw participation from Grey Orange Robotics and a couple of angels investors includes CareerNet co-founders Rishi Das and Anshuman Das; PremjiInvest’s Rajesh Ramaiah; and Jasbir Juneja, Director of research and advisory firm RedSeer Consulting who participated in this round.
The startup was founded in August 2016 by former Myntra executives Nirmal Jain, Rajul Jain, and Anshuman Agarwal. The founding team also includes former DevFactory employee Romil Jain.
The startup offers a supply chain management platform that broadly includes verticals like tech-led merchandising and pricing, design intelligence, fulfillment technology, and services. Besides, it helps in mobilizing working capital for inventory financing to its customers and also provides centralized cataloging and listing services.
As per the company’s official statement, the fund will be utilized in building technology and increasing customer base and hiring talents 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. Increff’s offering takes into account factors such as predicting demand on merchandising level and ensuring constant tracking of every item at warehouse level.”
Owned and operated by NextSCM Technologies, Increff is an end-to-end supply chain tech provider for fashion and lifestyle brands. Some of its key clients include Zivame, Aditya Birla Group-owned Abof, Campus Sutra, and Brand Studio Lifestyle Pvt. Ltd.
Over the next six months, the company plans to strengthen its product suite by beefing up features of its platform such as transaction technology, merchandising solutions, and visual intelligence.