SaaS startup Increff secures $12 million led by TVS Capital Funds By CIOReviewIndia Team

SaaS startup Increff secures $12 million led by TVS Capital Funds

CIOReviewIndia Team | Monday, 21 February 2022, 05:26 IST

Software as a service (Saas) startup Increff has secured $12 million in its Series B funding round, led by TVS Capital Funds, Premji Invest, and Binny Bansal’s 021 Capital.

It has also raised capital from six angel investors as part of the round.

The firm said it will use the capital to set up offices and strengthen its teams in the United States and Europe, and to expand its product offering and services.

Increff proposes inventory optimization solutions for e-commerce, fashion, and retail brands.

In 2016, it raised a seed round of $2 million from Sequoia Capital and a clutch of angel investors. In 2019, it got Series A funding of $3 million from 021 Capital and Binny Bansal.

Increff was founded in 2016 by Rajul Jain, Anshuman Agarwal and Romil Jain.

As per the firm, as businesses around the globe begin to recover from the impact of the Covid-19 pandemic, brands are pinning their hopes on cutting-edge tech solutions to navigate through intense price pressures, inventory mismanagement issues, demand fulfilment challenges, etc.

By leveraging its automation tools, brands and retailers can easily adapt to the changing consumer expectations through algorithm-based merchandise planning, pricing, allocation solutions, and achieve higher inventory accuracy and order fulfilment efficiency with warehousing solutions, it said.

Presently, the company said it is the market leader in the fashion space in India and the Middle East and witnessing a growing clientele in the US and Europe.

“We have been growing between 83% and 116 % year on year for the last four years (including Covid-19 years). We are a capital-efficient company and have every internal process in place to run a very large company,” Rajul Jain, who is also its CEO, stated.

“Now, our focus will be on growing fast, taking our technology product as well as our warehousing services to the US and Europe in a big way, and adding products,” Jain added.

Increff counts brands such as Puma, Adidas, Bata, Levi’s, Pepe, Celio, Gap, Benetton, Tommy Hilfiger, Mango, CK, Louis Philippe, Van Heusen, Jack & Jones, Namshi,

Aramex, Sephora, Amazon among others as clients.

“With the growth in e-commerce and disruptions in global supply chains, next-gen entrepreneurial ventures like Increff have demonstrated exceptional skill and grit in turning the tide in favour of brands with the use of the right technology solutions complemented with services,” said Gaurav Sekhri, principal, TVS Capital Funds.

Sailesh Tulshan, the founder of 021 Capital, said the VC firm has been an investment partner of Increff for over three years. “They have built a strong team that has shown tremendous performance by growing product revenue 20X since then and expanded to markets outside of India with their visionary world-class products,” Tulshan said.