[Funding alert] Digital distribution platform RIPPLR raises $12M in pre- Series B round
, a tech-enabled distribution and logistics ecosystem platform, has announced that it has raised $ 12 million in pre-Series B round. The round was a mix of equity and debt, which saw participation from Japanese conglomerate Sojitz Corporation and along with existing investors , Zephyr Peacock India Growth Fund and Chand Family Office – Yukti, supported by eminent early-stage angel investors Vivek and Abhay (Licious founders), Aniketh & Ashish (Solution Infini (now Kaleyra) founders).
With the fresh injection of capital, Ripplr plans to deploy the capital raised towards amplifying the company’s tech capabilities, product development, attracting new talent, expansion to new markets, and scaling of operations.
The company will continue to focus on providing sophisticated distribution solutions and stretching boundaries. The startup had earlier closed its Series A at $3 million in January 2021.
Speaking on the fresh round of funding, Abhishek Nehru and Santosh Dabke, Co-founders of Ripplr, said,
“With our new model for the FMCG distribution and retail sector, we are in the process of disrupting traditional channels. Our AI/ML-based distribution platform bridges the gap between brands and unorganised retail, solving for both distribution and information asymmetry. We are building one of India’s largest asset-light and tech-enabled FMCG distribution network and will use these fresh funds to scale our business into new geographies and build robust tech capabilities.”
The startup also confirmed that Ripplr is already engaged with an international investment banker and are in an advanced stage of discussion to close their series B funding early next year.
Sari Miida, General Manager, Retail Department, Retail and Consumer Service Division, Sojitz Corporation, said,
“We are pleased to have an opportunity to enter Indian FMCG market by collaborating with Ripplr, which is one of the first companies to build digital distribution platform in the market and gaining traction from leading Indian manufacturers."
"From now on, we will try to contribute to solve the issues which consumer goods/food manufactures are facing in the Indian market by providing our knowledge gained through overseas wholesale business operations and our experience of international deals with consumer goods/food manufacturers. “
Edited by Megha Reddy