Locofast, a textile-focused supply chain platform, raises funds

03 March 2022, Mumbai:

In a series, A investment led by Stellaris Venture Partners and Chiratae Ventures, Locofast, a textile-focused supply chain platform, raised $15 million. The platform aims to get into India's fragmented textile business, which is estimated to be worth around $100 billion dollars.

Its platform promises to make connecting with suppliers throughout India easier for sellers. Locofast, for example, has clients in Sri Lanka and Bangladesh and plans to open an office in the United States soon. At the same time, it is considering expanding into Europe, specifically Germany and France.

The company anticipates that the expansion will contribute at least 20% to 25% of overall revenue in the next 12 months, up from about 10% presently. It plans to utilize the money to grow its local and international footprint as well as develop new product categories. There are also plans to raise the company's staff to 500 people in the coming year, up from 50 now.

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Stride Ventures and BlackSoil Capital have also contributed an unknown amount of loans to the company. The fresh financing follows a seed round of $2 million in early 2020. Locofast's co-founder, Deepak Wadhwa, says that the firm has expanded at a rate of 20% per month in terms of gross merchandise value since its inception in 2019.

Locofast has onboarded over 500 suppliers and is responsible for the supply chain of over 700 brands. In the next 12 months, the firm wants to increase the number of vendors on its platform to 2,500.

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*CREDITS: Business Line & Apparel Resources.