Tech-enabled supply chain startup, Locofast raised $15 million in Series A co-led by Stellaris Venture Partners and Chiratae Venture where Kris Gopalakrishnan’s fund – Axilor Ventures with Suhail Sameer (CEO, BharatPe), Amit Lakhotia (CEO and founder, Park+), and Nitin Gupta (CEO and founder, Uni) among others also participated.
Locofast addresses the currently broken textile supply chain by connecting vendors and suppliers from all over the world through a platform. Locofast will invest in technology, expand to more than 15 cities in India, and launch three new product categories with this capital infusion, all while enabling SMEs to scale their businesses. It will also continue to grow its workforce while focusing on the development of existing teams. The startup claims to have rapidly expanded and partnered with over 500 suppliers, who have collectively completed 5000 textile orders across India. It also claims to have impacted the supply chains of over 700 brands from some of the biggest names in the apparel industry, including Zara, H&M, TJX, Cotton:On, and Primark.
“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, on-ground study of the ecosystem and 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,” said Deepak Wadhwa, founder and CEO, Locofast.
“By providing operational excellence to our customers, we aim to streamline the currently broken textile supply chain. Our team is excited to have the confidence of our investors as we work towards our mission of revolutionizing the supply chain in the textile industry,” Wadhwa added.