Textile-focused supply chain platform Locofast raises $15 million in Series A
Locofast, a full-service tech-first supply chain platform for fashion manufacturers and lifestyle brands, has raised 15 million dollars in Series A. The round is co-led by Stellaris Venture Partners and Chiratae Ventures with participation from the co-founder of Infosys & Axilor Ventures, Kris Gopalakrishnan.
The round also saw participation from notable angel investors including BharatPe CEO Suhail Sameer, Amit Lakhotia (Founder & CEO, Park+), Nitin Gupta (Founder & CEO, Uni) among others. Alongside equity, the company has also raised debt from strategic partners such as Stride Ventures and BlackSoil Capital.
Locofast was founded by serial entrepreneurs Deepak Wadhwa and Mohit Piplani - who previously founded WeAreHolidays, a travel marketplace, 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 expanded rapidly and partnered with over 500 suppliers who have collectively executed over 5000 orders of textiles pan – India. The company has touched the supply chain of more than 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, Cotton:On and Primark.
The firm plans to use the fund to invest in technology, expand its reach to more than 15 cities in India and launch three new product categories while enabling SMEs to scale their business. The company will also continue to expand its workforce while also focusing on growth for existing teams.