The brand registered under NextSCM Solutions, Increff has secured about Rs 13 crore ($2 million) in a funding round from Sequoia Capital. The other bunch of investors participated the round includes, Premji Invest’s Rajesh Ramaiah, warehouse automation provider Grey Orange Robotics; founders of CareerNet- Anshuman Das and Rishi Das and Jasbir Juneja Director of RedSeer.
Fashion supply chain solution provider Increff plans to use freshly infused funds to enhance its product offering, expand its customer base and hire for its technology team.
Commenting on the development, Rajul Jain, Startup’s chief executive told ET, “The fashion industry, including brand houses, retailers, and e-commerce 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.”
Founded in August 2016 by former Myntra executives, Rajul Jain, Nirmal Jain, Anshuman Agarwal and Romil Jain, Increff offers an end to-end supply chain management solution for the fashion industry. According to the company website, it provides solutions to identify the “right demand” and enable “fast response” to serve this demand – leading to higher sales at lower inventory. Prior raising this round, startup had infused external funding from Global VC in December 2016.
Earlier in June 2017, OneAssist Consumer Solutions Pvt Ltd had raised $18million in Series C funding Led by Existing Investor Sequoia Capital. Prior to this, it was reported that Gurgaon-based startup, Numberz was in talks to raise a new round of funding from Sequoia Capital. In February 2017, Belong, predictive outbound hiring platform provider had raised $10 million in Series B funding led by Sequoia Capital India, with participation from existing investor Matrix Partners India.