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.
"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.
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.