Increff bags $12 million in funding to expand in the US

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Increff bags $12 million in funding to expand in the US | iTMunch

India-based software-as-a-service startup Increff has bagged $12 million in a Series B round of funding. The funding round was led by TVS Capital Funds, Premji Invest, and former Chairman and Chief Executive Officer of Flipkart Binny Bansal.

6 other angel investors also participated in this funding round of funding. Increff said that the freshly raised capital will be used to expand its operations in the United States and Europe. These investors include Anshuman Das, Kamal Khanna, Rajesh Ramaiah, and Manish Saigal among others.

Increff approves 40 equity shares

In a general meeting of Increff which was held on February 11, 2022, the supply chain tech startup decided to approve 40 equity shares as well as 6,250 Series B CCPS among the investors to raise about $11 million in funding. The funding round is yet to be closed and it seems like more investors might get on board to join the captable. 

The capital raise comes almost 3 years after Increff raised $3 million from Binny Bansal and his VC firm 021 Capital. Earlier, the startup had also raised $2 million from Sequoia Capital and a bunch of investors.

As per Increff, as businesses across the globe recover from the impact of the pandemic, companies and brands pin their hopes on groundbreaking, cutting-edge technology solutions to navigate through the price pressures, demand fulfillment challenges, and inventory mismanagement issues.

By harnessing the power of its automation tools, retailers, and brands can easily adapt to the ever-changing consumer expectations via an algorithm-based merchandising planning, allocation solutions, and pricing to achieve a higher inventory accuracy as well as order fulfillment efficiency through warehousing solutions.

The shareholders in the general meeting increased the ESOP pool size further by about 1,520 equity options, and thus increased the total ESOP pool size to 3,920 equity options. At the present price of equity share of Increff, the ESOP pool size is worth about $7 million.

SEE ALSO: Low code/no code platform firm Genesis bags $200 million in a Series C round

About Increff – a Bengaluru-based SaaS startup

Increff was founded in 2016 by Anshuman Agarwal, Rajul Jain and Romil Jain. Increff has taken a 360 degree view of the fashion supply chain while also developing a recommendation engine. This ensures the availability of the best and right products at the right prices and in abundant quantities for multiple locations. 

The startup says that its SaaS solutions aim at helping customers revenue lift by 20-25% and margin lift by 4-5%. Increff says that it is a market leader in India and the Middle East in the fashion space and is experiencing an increasing clientele in the United States and Europe.

Some of the Bengaluru-based startup’s clients include Adidas, Timex, Lenskart, Reliance Retail, and Amazon. 

Chief Executive Officer of Increff, Rajul Jain said that the company has been growing between 83% to 116% YoY for the past 4 years (even during the pandemic). Increff is capital-efficient and has every internal process streamlined to run a very big organization, he adds.

The startup competes against established companies like Shiprocket360, Snapdeal’s Unicommerce, Browntape and Eshopbox.

SEE ALSO: Chargebee raises $250M to meet the growing demand from subscription businesses

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Riddhi Jain is a technology content writer. She is based in India and has been working as a content writer since 2018. Riddhi has been writing content in the tech domain since May 2020 and can’t get enough of it. Riddhi has pursued most of her education from her hometown, Indore. She has graduated as a Bachelor of Business Administration and discovered her love for writing blogs while pursuing an internship during college. Once she discovered her love for writing, she went on to improve this skill set (and hasn’t stopped since).
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