This Start-up is Endeavouring to Transform the Nightmare of Retailers
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Binny Bansal is making waves as an investor. He has made several investments over the past few months, clearly indicating that a new league has started for the Flipkart co-founder. What’s more, is that Bansal is backing every start-up which has potential from big ones such as Ola to the small ones that are taking baby steps in the Indian start-up industry.
Another start-up to get the backing of Binny Bansal in the form of investment in fashion retail supply chain management start-up which raised $ 3 million from Bansal and 021 Capital.
INCREFF, registered under the company name: NextSCM Solutions Private Ltd., was set up in August 2016 in Bangalore. It is founded by Rajul Jain, Anshuman Agarwal and Romil Jain.
Entrepreneur India interacts with INCREFF Co-founder and CEO, Rajul Jain on the funding, plans for future and much more.
INCREFF has an ARR of $3 million with a very low burn rate and is now pushing for exponential growth. Initially, it had raised a seed funding of $2 million from Sequoia Capital and a host of other domestic angel investors. While the initial funding helped them build innovative technology products and services and proved the market fit of the product, this funding, as Jain puts it, will be used to fuel next phase of growth by foraying into international markets, expanding their customer pipeline in India and enhancing its product offerings. Jain also adds, “The new investment round will enable INCREFF to further capitalize on its position as a strong and trusted business partner to fashion and lifestyle brands and retailers, delivering a significant and sustainable increase in sales and inventory efficiency leading to the higher working capital rotation.”
INCREFF boasts of a solid and popular clientele including the likes of PUMA, WROGN, Reliance AJIO, Myntra, MANGO, ESPRIT, Arvind Group (Newport, Ruf N Tuf) etc.
Transforming Nightmares into Reality
According to Jain, fashion retail has very poor inventory (working capital) rotation in India. “It does about 2 turns compared to Zara doing 10 to 12.” He further says that this is primarily due to four aspects-legacy processes – long supply chain, large and constantly changing variety, low depth and size complexity and finally, multi-channel retail.
According to Jain, disrupting is an “overused” word. His and his team’s mission is simple. “INCREFF is not disrupting but enabling brands and retailers and converting their nightmares into pleasant daydreams.” It endeavours to smoothen all the creases in retailing whether it is providing accurate demand at a most granular level and enabling just in time supply or providing a single view of inventory.
INCREFF’s platforms, Increff IRIS (an end to end merchandising platform) and Increff Assure (a combination of Warehouse Management System and OMS Order Management System) will support the activities.
There are start-ups that are intersecting technology with health, finance etc. INCREFF is an example of a start-up that is intersecting fashion, retail with technology to give the concept of fashion retail supply chain management a whole new concept.