Locofast Online Services, which runs supply chain platform Locofast, has said it raised Series A funding of
$15 million (around Rs 113 crore) co-led by Stellaris Venture Partners and Chiratae Ventures.
The round also saw participation from a clutch of marquee investors including Kris Gopalakrishnan’s fund - Axilor Ventures, Suhail Sameer (CEO, BharatPe), Amit Lakhotia (Founder and CEO, Park+) and Nitin Gupta (Founder and CEO, Uni), among others.
The firm said that besides raising equity, it has also secured debt from strategic partners such as Stride Ventures and BlackSoil Capital.
Locofast plans to use the fundraise to boost technology, expand India footprint and roll out three new product grades with a focus to enable SMEs scale their business.
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.
“Despite being a major contributor to India’s GDP, the textile industry is fragmented and slow in terms of technological adoption. With our previous entrepreneurial experience coupled with technical expertise and an understanding of SME functioning, our mission is to enable a sophisticated tech-enabled platform for textile SMEs and empower them with market linkages from across the world. By providing operational excellence to our customers, we aim to streamline the currently broken textile supply chain," said Wadhwa.
