Tech-enabled supply chain startup, Locofast has raised $15 Mn in Series A funding round co-led by Stellaris Venture Partners and Chiratae Ventures with participation from Kris Gopalakrishnan’s fund – Axilor Ventures.
Other angel investors who participated in the round are Suhail Sameer (CEO, BharatPe), Amit Lakhotia (CEO and founder, Park+), and Nitin Gupta (CEO and founder, Uni) among others. Alongside equity, the startup has raised debt from strategic partners–Stride Ventures and BlackSoil Capital.
With this fund, Locofast will invest in technology, expand reach to more than 15 cities in India and launch three new product categories while enabling SMEs to scale their business. Furthermore, the company will also continue to expand its workforce while also focusing on growth for existing teams.
The tech-enabled platform, set up by Deepak Wadhwa and Mohit Piplani, offers textile procurement services in India. It claims to connect textile suppliers and vendors globally through their platform. The company says it is streamlining “the currently broken supply chain by solving all textile procurement problems” and making it “smarter, efficient, and more transparent.”
Locofast has partnered with more than 500 suppliers, who have executed more than 5,000 textiles-related orders across the country.
“Most garment makers currently procure fabric from traders or small mills and are often short-changed on quality and delivery promise, leading to loss of business. Locofast aggregates only high-quality mills on its platform and does quality checks before dispatching the order,” said Rahul Chowdhri, partner, Stellaris Venture Partners.
The company said it is involved in the supply chain of more than 700 brands in the apparel industry, including for Zara and H&M as well as TJX, Cotton:On and Primark.
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