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

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]

Bengaluru Based Increff Secures $2 Mn Funding From Sequoia Capital

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.