By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

Theindiabizz

Startup and Entrepreneurship Stories, as well as a Leadership Story

  • Explore
    • India
    • Business
    • Venture capital
    • Private equity
    • Product Roadmap
  • News
    • Market
    • acquisition
    • Funding
    • energy
    • Automobile
  • Industry
    • Beauty Sector
    • Entertainment
    • Hotel Industry
    • Enterprise IT
    • Property
    • Consumer Internet
    • Tech
    • E commerce
    • Agency
    • Edtech startup
    • Banking Sector
  • Health
  • Leadership
Search
More
  • Her Story
  • Interview
  • Art And Culture News
  • Women Power
  • cryptocurrency
  • current affairs
  • Investor Pitch Deck
  • List of Indian VCs
  • List Of Investors In India
  • pr-newswire
  • Press release
  • Raise fund
  • Submit Startup
  • Government
  • Economy
  • Entertainment
  • Sport
  • Property
Reading: textile supply chain firm weaves $15m in series A money
Share
Notification Show More
Latest News
Top 10 Startup Tips for Founders: Building a Strong Foundation for Success
Top 10 Startup Tips for Founders: Building a Strong Foundation for Success
March 19, 2023
Top 5 Business Loan Providers in India: A Comprehensive Guide
Top 5 Business Loan Providers in India: A Comprehensive Guide
March 17, 2023
Simple Lifestyle Changes for a Healthier and Happier Life
Simple Lifestyle Changes for a Healthier and Happier Life
March 16, 2023
Travel Ideas for Beginners: Tips to Plan Your First Trip
Travel Ideas for Beginners: Tips to Plan Your First Trip
March 16, 2023
A new startup for corporate cards, with $157 million in equity and debt backing, is targeting competitors like Brex and Ramp.
A new startup for corporate cards, with $157 million in equity and debt backing, is targeting competitors like Brex and Ramp.
March 16, 2023
Aa
TheindiabizzTheindiabizz
Aa
  • Business
  • Politics
  • Funding
  • Health
  • Science
  • Fashion
  • acquisition
  • Agency news
  • Beauty Sector
Search
  • Explore
    • India
    • Business
    • Venture capital
    • Private equity
    • Product Roadmap
  • News
    • Market
    • acquisition
    • Funding
    • energy
    • Automobile
  • Industry
    • Beauty Sector
    • Entertainment
    • Hotel Industry
    • Enterprise IT
    • Property
    • Consumer Internet
    • Tech
    • E commerce
    • Agency
    • Edtech startup
    • Banking Sector
  • Health
  • Leadership
Have an existing account? Sign In
Follow US
textile supply chain firm weaves $15m in series A money
Funding

textile supply chain firm weaves $15m in series A money

Editor Desk
By Editor Desk Published March 1, 2022
Last updated: 2022/03/01 at 9:59 AM
Share
SHARE

India-based Locofast, a textile-focused supply chain platform, has raised US$15 million in a Series A round co-led by Stellaris Venture Partners and Chiratae Ventures. Axilor Ventures and a few angel investors also participated in the round.

Locofast also raised an additional undisclosed sum in debt from Stride Ventures and BlackSoil Capital. The new round follows a US$2 million seed round in early 2020.

The Indian firm is looking to tap into India’s fragmented textile market, which the company claims to be worth US$100 billion. Its platform aims to make it easier for vendors to connect with suppliers across India.

Deepak Wadhwa, the co-founder of Locofast and former product manager at MakeMytrip, told Tech in Asia that in terms of gross merchandise value, the company had grown at an average of 20% month-on-month since its launch in 2019.

- Advertisement -

To date, Locofast has onboarded more than 500 suppliers and managed the supply chain of more than 700 brands, including fashion retailers Zara and H&M. The textile supply chain firm plans to grow the number of suppliers on its platform to 2,500 in the next 12 months.

Wadhwa added that the company recorded a 50x revenue growth in the last 18 months. The firm is looking to accelerate this growth further with the latest fundraise.

Moreover, the company will also expand its presence overseas soon. While it already has customers from Sri Lanka and Bangladesh, Locofast will also set up an office in the US soon.

An international foray will be a key focus area. The company expects an expansion will contribute at least 20% to 25% of the total business in the next 12 months, up from nearly 10% currently, Wadhwa added.

It’s also mulling over an expansion into Europe, especially large markets such as the UK, Germany, and France.

Locofast will use the fresh capital to launch new product categories besides expanding its domestic and overseas presence. The company also plans to increase its headcount to as much as 500 – from 50 currently – over the next 12 months.

“The Indian textile sector is one of the oldest industries in the country contributing about 2% of GDP (gross domestic product) and employing over 45 million people. It is a space that is ripe for digital transformation,” Ranjith Menon, Chiratae Ventures’ partner, and executive director said in a statement.

0
0
0
0
Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0

TAGGED: Locofast funding, Locofast Investors, textile supply chain
Editor Desk