Increff raises $3 mn from Binny Bansal, 021 to fuel next phase of growth

The startup provides technology to retailers such as such as Puma, Mango and Esprit.

Increff, a startup that provides technology to retailers for sales and inventory efficiency has raised $3 million from Flipkart co-founder Binny Bansal and 021 Capital. The firm would use the funds to fuel the next phase of growth by expanding its customer pipeline, enhance product offerings and foray into international markets. 

“We're excited to have partners like Binny Bansal, Sequoia, 021 Capital on board who provide not only capital, but also vast experience in our domain,” said  Rajul Jain, co-founder and CEO, Increff. 

US retail giant Walmart’s $16-billion investment in Flipkart last May for an initial stake of approximately 77 per cent not only provided blockbuster exits to the investors but also made the founders - Sachin Bansal and Binny Bansal - into billionaires. Besides Increff, Binny Bansal has made investments in many ventures including healthcare companies such as Niramai, SigTuple, CureFit, and Acko General Insurance.

Increff was founded in August 2016 by former Myntra executives Rajul Jain , Anshuman Agarwal, and Romil Jain, who was previously with Trilogy and Computer Associates. It had raised $2 million in seed round from Sequoia Capital and few angel investors. The firm now has two enterprise products and runs four fulfilment centers across the country for its clients such as Puma, Mango and Esprit.

021 Capital founder, Sailesh Tulshan said that to prevent wastages and unsold stocks, manufacturers have to have a firm grip on forecasting trends - by style, size and colour - which  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 profit and loss, and we are happy to be fellow travellers in this journey,” said Tulshan.