Flipkart co-founder gave advice to a startup
The founders of Increff, a Software as a Service (SaaS) platform for fashion retailers and merchandisers, heard investor and entrepreneur, Flipkart co-founder, Binny Bansal say that despite the Indian fashion industry’s saturation, there are plenty of opportunities and pain points to address.
O21 Capital, the venture capital division of Binny Bansal, has supported the startup since its inception. Increff received $3 million in funding from the VC firm and additional investors in 2019.
Anshuman Agarwal, co-founder, told Business Today that Bansal’s advise was straightforward: “Stick to your core, develop deeper, and investigate the worldwide markets as well.” Additionally, Agarwal stated, “Binny Bansal informed us that the fashion industry is a trillion-dollar industry with thousands of new styles being introduced and updated each season. Additionally, he stated that there are plenty of opportunities.
Former Myntra employees Rajul Jain, Anshuman Agarwal, and Romil Jain created Increff in 2016. Through its digital platform, the start-up aims to increase the overall effectiveness of warehouses in the retail and garment industries. The word “inventory efficiency,” which serves as the foundation for this start-development, up’s is where Increff gets its name.
The founder of Flipkart’s experience and expertise in the fashion and ecommerce industries has also been a huge asset to the start-up overall.
Bansal also advised the co-founders that they must bring significant value if they want to solve the problems facing this industry, as doing so will result in people paying them fairly. He also issued a warning, advising them to focus on one industry (fashion) rather than diversifying their offers into other fields.
According to Agarwal, “He emphasized that if you try to grow into other segments, you will dilution your products.”
According to Agarwal, this counsel has changed the game for them. The SaaS start-up has established a niche both in domestic and international markets. Several well-known fashion companies, including United Colors of Benetton, Allen Solly, Bata, ONLY, Jockey, and a few others, currently use their platform.