A supply chain platform for fashion and lifestyle companies, Locofast has raised $15 million co-led by Stellaris Venture Partners and Chiratae Ventures.
Locofast, a supply chain platform for fashion manufacturers and lifestyle brands was founded by serial entrepreneurs Deepak Wadhwa and Mohit Piplani to address the currently broken textile supply chain through a platform connecting vendors and suppliers from all over the world.
In two years of inception, Locofast has partnered with over 500 suppliers who have collectively executed more than 5,000 orders of textiles pan-India.
The company has touched the supply chain of over 700 brands of some of the big players in the apparel industry including supply chain partners for Zara and H&M as well as TJX, and Primark.
With this fund, Locofast will invest in technology, expand reach to more than 15 cities in India and launch three new product categories while enabling SMEs to scale their business.
Infosys co-founder Kris (S) Gopalakrishnan’s fund, Axilor Ventures, also participated in the funding round, as well as angel investors including Suhail Sameer (CEO, BharatPe), Amit Lakhotia (founder and CEO, Park+), Nitin Gupta (founder and CEO, Uni).
Rahul Chowdhri, Partner, Stellaris Venture Partners, said, “Most garment making companies 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.
They use technology to help buyers discover the best prices and give them visibility in the various legs of the supply chain.
They help partners with earning via guaranteed business opportunities.
