Bengaluru: INCREFF, a startup that offers supply chain and warehousing solutions to offline stores, has raised $3 million in a Series A funding round led by Binny Bansal and 021 Capital, according to a company statement on Wednesday.
The funds will be used to fuel expansion of the customer pipeline, enhance product offerings and foray into international markets.
The new investment round will also enable INCREFF to further add newer fashion and lifestyle brands and retailers onto its platform.
INCREFF claims to increase sales and inventory efficiency of brick and mortar brands. It currently works with more than 50 brands such as Puma, Reliance AJIO, Myntra, MANGO, ESPRIT, and several others.
Founded in 2016, by Rajul Jain, Anshuman Agarwal and Romil Jain, INCREFF had initially raised $2 million in seed funding from Sequoia Capital and a clutch of angel investors.
Headquartered in Bengaluru and with 7 partnered fulfillment centers across India (opened in the last one year), INCREFF today claims to have a team of 60 and plans to add 40 more this calendar year.
“INCREFF aims to become the most impactful technology solutions company in the 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," said Rajul Jain, Co-Founder & CEO, INCREFF.
