B2B Textile Marketplace Locofast Raises $15 Million In Series A Funding
Fashion supply chain platform Locofast has raised $15 million in a Series A funding round from Stellaris Venture Partners and Chiratae Ventures.
Kris Gopalakrishnan-led Axilor Ventures and angel investors, including fintech firm Uni’s Nitin Gupta and Suhail Sameer, BharatPe’s chief executive officer, also participated in the funding round.
The startup will use the proceeds from the round, which is a mix of debt and equity, to develop existing products and launch new ones targeting small and medium enterprises (SMEs). The fashion supply chain platform also plans on expanding in over 15 cities domestically and outside the country.
Locofast | B2B Textile Marketplace
Founded by serial entrepreneur Deepak Wadhwa, along with co-founder Mohit Piplani in 2019, Locofast is a business-to-business (B2B) textile marketplace connecting manufacturers and suppliers to brands, export & buying houses. The startup is leveraging technology to enable smart, efficient and sustainable fabric sourcing solutions to businesses around the world.
Speaking on the development, Rahul Chowdhri, Partner, Stellaris Venture Partners, said,
“Most garments currently procure fabric from traders or small mills and are often short-changed on quality and delivery promise leading to loss of business. Locofast aggregates only high-quality mills on its platform and does quality checks before dispatching the order.”
As per the founder, Locofast’s team size will grow to 500 from the current 150 members as the B2B startup expands. The startup is also in the process of setting up regional offices in the US, and the European market as it is getting interest from those locations, added Deepak Wadhwa.
Locofast claims to have over 500 vendors selling on their platform and more than 200 monthly average transactions. The startup has a 15-20 member sales team present in Tamil Nadu and others.
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