startup funding

Former Myntra Execs’ Startup INCREFF Raises $3 Mn from Binny Bansal and 021 Capital

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Bangalore-based supply chain and warehousing solutions startup INCREFF, has raised US$3 Million in Series A funding from Binny Bansal and 021 Capital Funds, announced the startup.

The fresh capital will be used for product development, business expansion and foray into international markets. “Today, with disruptive business model, unique cutting-edge technology products, solid foundation and extensive clientele, INCREFF will now push pedal on growth,” said INCREFF.

With the latest funding, Increff has raised a total of $5 million so far. In July 2017, Increff had raised $2 million in a funding round led by Sequoia Capital and contribution from high-profile investors including 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.

Founded in August 2016 by former Myntra executives – Rajul Jain (SVP of supply chain), Anshuman Agarwal (Assistant VP of project management), and Romil Jain (who was previously with Trilogy and Computer Associates), INCREFF offers supply chain and warehousing solutions to brands and offline retailers.

Expressing his delight on the fresh funding support, Rajul Jain, Co-Founder & CEO, INCREFF said, “INCREFF aims to become the most impactful technology solutions company in world, focused on making supply very efficient. We’re excited to have partners like Binny Bansal, Sequoia, 021 Capital on board who provide not only capital, but also vast experience in our domain.”

The startup was part of 4th batch of Oracle’s Start-up Cloud Accelerator Programme in 2018.

021 Capital Founder, Sailesh Tulshan said, “The fashion industry has a unique seasonality to it. To prevent wastages and unsold stocks, manufacturers have to have a firm grip on forecasting trends– by style, size and colour etc. INCREFF has built a technology solution to this many-variable problem. User brands will see the efficiency gains flowing directly into their P&L, and we are happy to be fellow travelers in this journey.

Led by Flipkart co-founder Binny Bansal, 021 Capital has made the first close of about $32 million (~ ₹ 222 crore) in January this year. The funds were raised from Azim Premji Foundation, as an institutional investor, and bunch of current and former executives of Flipkart/Myntra.

In February, 021 Capital invested in Legal-Tech startup SpotDraft, a Noida-based startup that develops an artificial intelligence-powered platform to draft and execute legal contracts.

[Top Image – INCREFF Founders (from left) – Romil Jain, Rajul Jain & Anshuman Agarwal | Source – derbifoundation.com]

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