Increff Raises $12 Million In Series B Funding Round Led by TVS Capital Funds
Funds will be utilized to set up offices and strengthen the local teams in the US and European region
Increff has raised $12 million in Series B funding round led by TVS Capital Funds. Other notable investors were Premji Invest and Binny Bansal's 021 Capital. Existing six angel investors also participated in the round. Funds will be utilized to set up offices and strengthen the local teams in the US and the European region. Furthermore, the capital raised will be invested to add visionary products and services to Increff's portfolio for supply chain optimization.
"We have been growing between 83 per cent and 116 per cent y-o-y (year-on-year) for the last four years. We are a capital-efficient company and have every internal process in place to run a very large company. 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 visionary products," said Rajul Jain, co-founder and CEO, Increff.
Founded in 2016, Increff offers a host of SaaS-based industry-agnostic merchandising solutions and smart warehousing solutions.
The SaaS market in India has grown exponentially in the recent past. Indian SaaS companies are poised to reach $30 billion in revenue by 2025, capturing an eight per cent to nine per cent share of the global SaaS market. The number of Indian SaaS exits also increased 100 per cent from six in 2018 to 12 in 2021, with the Freshworks initial public offering (IPO) initiating a new wave of exits, according to a report by Bain and Company.
"Increff's technology solutions are unique and built to instil flexibility for rapid growth for brands across categories. Their mindset of developing the best software products, non-compromising approach towards customer experience with an eye on the future, make them stand out. Increff marks our first investment from our third fund in the Indian SaaS and technology space that the fund is increasingly focusing on," said Gaurav Sekhri, principal, TVS Capital Funds.
Increff is well placed in solving the challenges of the customers for more than 10 retail verticals. Currently, it is a market leader in the fashion space in India and the Middle East and are seeing a growing clientele in the US and Europe.