Flipkart co-founder Binny Bansal and venture capital firm 021 Capital have invested Rs 20.8 crore ($3 million) in Increff, a Bengaluru-based supply chain management startup founded by former Myntra executives.
Established in August 2016, this marks the Series A round of funding for the startup, according to an announcement. Its seed round, amounting to Rs 13 crore ($2 million), was led by marquee venture capital firm Sequoia Capital in 2017.
A part of the funding will be used to augment Increff’s product offerings, while some of the proceeds will be used to enter international markets.
As a fashion supply chain solution provider, Increff helps its clients make an accurate demand forecast, thereby enabling them to have the right products ready at the right prices and quantity.
Since its inception, the startup claims that have served over 10 customers and launched two enterprise B2B products (IRIS & ASSURE). Its clients include prominent brands in segments such as fashion and lifestyle, e-commerce and warehousing.
“Increff is a great example of the type of technology-led, disrupting businesses that we like to invest in,” said Binny Bansal.
After quitting Flipkart, Bansal has been actively investing in startups, mentoring them and helping them scale to the next level of growth. Earlier this month, he made headlines for investing in a diagnostics startup SigTuple, along with a slew of fund managers.
021 Capital is a fairly new venture capital fund that was launched about two years ago. Its portfolio companies include SpotDraft (legal-tech startup), Pandorum Technologies (biotech startup) and Y-Cook (packaged food startup).