Flipkart co-founder Binnny Bansal
Increff was founded in 2016 by former Myntra employees. The start-up is endeavouring to improve the overall efficiency of warehouses within the fashion sector through its technology platform.
While the Indian fashion industry is crowded, it has ample opportunities and pain points to address, investor and entrepreneur, Binny Bansal told the founders of Increff, a Software as a Service (SaaS) platform for fashion retailers and merchandisers.
Flipkart co-founder Binnny Bansal’s venture capital arm, O21 Capital, has been backing the start-up since its initial days. In 2019, Increff raised $3 million from the VC firm along with other investors.
Bansal’s advice was simple – stick to your core, go deeper and explore the global markets as well, Anshuman Agarwal, co-founder told Business Today. Agarwal also shared, “Binny Bansal told us that fashion is a trillion-dollar market wherein thousands of styles get created and replaced every season. He also said that there is no dearth of opportunities.”
Increff was founded in 2016 by former Myntra employees – Rajul Jain and Anshuman Agarwal – along with Romil Jain.
The start-up is endeavouring to improve the overall efficiency of warehouses within the retail and apparel sector through its technology platform. Increff’s name is derived from “inventory efficiency” which is the underlying motive of building this start-up.
Additionally, it is the Flipkart founder’s experience and knowledge of the fashion and ecommerce industry that has helped the start-up across the board.
Bansal also told the co-founders that if they are solving the pain points of this sector, they must add great value and that will lead to people paying them appropriately.
He also gave a word of caution, urging them to stick to one segment (fashion) instead of expanding their offerings to other sectors as well.
“He said that if you try to move to other segments, you will dilute your offerings,” Agarwal recalls.
This advice has turned out to be a game-changer for them, says Agarwal. The SaaS start-up has carved a niche not just in the Indian markets but also in the international ones. Their platform, today, is deployed by several prominent fashion brands such as United Colors of Benetton, Allen Solly, Bata, ONLY, Jockey, and a few others.
The company’s last fundraising happened in February this year when it raised $12 million from billionaire Azim Premji’s Premji Invest, TVS Capital, and O21 Capital. Increff is also backed by Sequoia Capital. Its valuation at the time of the fundraise was $73 million.