Bengaluru-based Increff, registered under NextSCM Solutions Pvt Ltd, which offers fashion supply chain technology solutions to brands and retailers, has recently raised $2 million (Rs 13 crore) in a funding round led by Sequoia Capital, and others.
The funding round also saw participation from Robotics automation company Grey Orange Robotics and some angel investors including, Rajesh Ramaiah of Premji Invest, Anshuman Das and Rishi Das, founders of CareerNet, and RedSeer director Jasbir Juneja.
Increff plans to utilize its funding to enhance its product offerings, expand customer base through offerings, and hire a technology team.
“The fashion industry, including brand houses, retailers and ecommerce players, is struggling to generate margins while they try to achieve a faster rate of moving inventory. INCREF’s offering takes into account factors such as predicting demand on merchandising level and ensuring constant tracking of every item at warehouse level,” said Rajul Jain, chief executive of the startup to ET.
Founded in August 2016, the startup already has found some customers like Zivame, Abof, Campus Sutra and brand house Brandstudio.