SaaS-based firm Increff recorded a two-fold rise to Rs 88.7 crore in the fiscal year ending March 2023. The same year its revenue from operations spiked 91% to Rs 85 crore as compared to the preceding fiscal’s Rs 44 crore.
Bengaluru-based Increff is an algorithm-driven retail SaaS company solving complex inventory management and supply chain challenges. It offers a host of industry-agnostic merchandising solutions and smart warehousing solutions.
Increff takes an end to end view of the fashion supply chain and develops customized technology led recommendation systems that ensures availability of right product in right quantity and at the right location. The firm currently operates from India and the Middle East and are looking to expand to the US and Europe.
The Rajul Jain and Anshuman Agarwal led company has raised over Rs 125 crore through 3 funding rounds. It last secured Rs 90 crore in its Series B round led by TVS Capital Funds and Premji Invest in early 2022.
Post the round, Sequoia Capital and Capital Scheme were major shareholders in the company.
The company previously scooped up Rs 21 crore in its Series A round in 2019 from the likes of 021 Capital, Binny Bansal, and Prem Gupta.
The eight-year-old company’s expenditure hiked 2.8X to Rs 136.7 crore in FY23 as compared to its preceding fiscal’s Rs 48 crore.
While employee benefits took up over 37% of the total expenses of the fiscal, advertisement and promotional costs and travelling costs took up more than 6% and over 3%, respectively.
As for losses, the company’s gap widened 16.8X to Rs 48 crore in FY23. Its current EBITDA margin stood at -51.08% and ROCE is at -74.17%.
Previously, Increff’s losses stood at Rs 2.8 crore in FY22.