Sequoia-Backed Indian SaaS Startup Increff Raises $12 Million

Bengaluru-based startup Increff has raised $12 million in a Series B funding round led by Indian billionaire and philanthropist Azim Premji’s Premji Invest, Chennai-based TVS Capital Funds and existing investor Flipkart cofounder Binny Bansal’s 021 Capital. 

Increff, now valued at $73 million, is a software as a service (SaaS) built for small to medium B2B and B2C retailers. It aims to increase sales and supply chain efficiency by helping brands gather data for algorithms that provide the best business recommendations.

The six-year-old startup counts Adidas, Amazon, Calvin Klein, Chanel, Puma, Reliance Retail among its clientele, according to its website.

Increff, which has offices in Bengaluru and London, plans to use the new funding to further expand services to the rest of Europe as well as to the U.S.

“Our focus will be on growing fast, taking our technology solutions, as well as warehousing services to the U.S. and Europe in a big way, adding visionary products to our portfolio, training our existing employees, and hiring fresh talent to support our expansion and growth,” CEO and cofounder Rajul Jain said in a statement to Forbes. 

Brothers Rajul and Romil Jain founded the company with Anshuman Agarwal, who earlier worked at Indian fashion e-commerce company Myantra with Rajul Jain.

In 2017, Sequoia Capital invested $2 million in Increff for seed funding. Increff raised another $3 million in its Series A funding round from recurring investor 021 Capital in 2019.