Binny Bansal- & Azim Premji-backed Increff to introduce business analysis tool for MSMEs
Binny Bansal- & Azim Premji-backed Increff to introduce business analysis tool for MSMEs
Binny Bansal-backed Software as a Service start-up, Increff, has come up with a business intelligence and online analytics tool for the micro, small, and medium enterprises (MSMEs). This tool will help MSMEs, and D2C brands analyse offline and online sales, forecast demand better and also help them accurately plan their inventory.
Increff was founded in 2016 by former Myntra employees – Rajul Jain and Anshuman Agarwal – along with Romil Jain. The start-up is endeavouring to improve the overall efficiency of warehouses within the retail and apparel sector through its technology platform. Increff’s name is derived from “inventory efficiency” which is the underlying motive of building this start-up.
Agarwal told Business Today that after interacting with hundreds of small brands, they realised that SMBs don’t use any data-backed platform to manage inventory. Using excel or manually entering data into the systems leads to a lot of inaccuracies in forecasting demand.
“So we trimmed down our enterprise version and made it simple to use for the merchants.” All that an MSME owner has to do is upload the data, run the platform through it and get the output in less than a minute.
What’s more is that the company is planning to partner with universities like National Institute of Fashion Technology from which individuals graduate and go on to join the retail and apparel industry. The aim of this partnership is to ensure that the new crop of merchandisers know the technological tools available in the market so that they can implement the same in the companies they work in.
“Our motive is to make sure that the new generation don’t end up falling in the data crunching trap and instead focus on getting the business right,” Agarwal shares.
To ensure the wider adoption of this tool, the base version is available for free. Specific features and add-ons, however, are subject to different pricing.
Increff has been working in the warehouse efficiency space since the last six years. Its platform has been deployed by several prominent fashion brands such as United Colors of Benetton, Allen Solly, Bata, ONLY, Jockey, and a few others.
The company’s last fundraising happened in February this year when it raised $12 million from billionaire Azim Premji’s Premji Invest, TVS Capital, and O21 Capital. Increff is also backed by Sequoia Capital. Its valuation at the time of the fundraise was $73 million.
Also Read: Flipkart co-founder Binnny Bansal gave THIS game-changing advice to a start-up
Published at Sat, 10 Dec 2022 15:30:32 +0000
