[Funding alert] Binny Bansal invests in supply chain management startup INCREFF
Based in Bengaluru, INCREFF plans to use the funds to expand its customer pipeline, enhance product offerings and foray into international markets.Apurva P
Bengaluru- based supply chain management startup INCREFF has raised $3 million in a funding round led by 021 Capital and Flipkart Co-founder Binny Bansal.
In a statement, the company announced that the funds will be used to expand its customer pipeline, enhance its product offerings and foray into international markets.
Commenting on the investment, Rajul Jain, Co-founder and CEO of INCREFF, said,
“INCREFF is known for its data-driven, cutting-edge technology products that can transform every major brand and retailers’ nightmares into pleasant daydreams. INCREFF aims to become the most impactful technology solutions company in world, focused on making supply very efficient."
He added that this can be achieved through
1. Accurate demand forecasting at most granular level and just in time supply
2. Single view of inventory
3. Warehousing anytime, anywhere being closer to end customer.
Rajul said, "If supported by agile manufacturing, we can take inventory turns from currently, twice a year to 6 times a year.”
INCREFF was founded by Rajul, Romil Jain and Anshuman Agarwal in 2016 and focusses on improving inventory efficiency for fashion brands and retailers. Its supply chain management platform broadly includes verticals such as technology-led merchandising and pricing, design intelligence, fulfillment technology and services.
Binny Bansal, Co-founder of Flipkart, said,
"INCREFF has rapidly developed a leadership position and is poised to disrupt fashion industry via technology. What they have developed over the last 2 years is hugely impressive, and we’re excited to be working together to create a global technology leader. INCREFF is a great example of the type of technology-led, disrupting businesses that we like to invest in.”
INCREFF's clients include PUMA, WROGN, Reliance AJIO, Myntra, MANGO, ESPRIT, Newport and Ruf N Tuf.
In 2016, INCREFF raised $2 million led by Sequoia Capital and other angel investors.
Commenting on the fund raise, Sailesh Tulshan, Founder of 021 Capital said,
“Though all industries are unique in their own way, 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 –which obviously have to be tied to stocking decisions at the outlet level. 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.”