Total amount raised
$17 Million
Latest funding date
02/01/2022
Location
Locofast has successfully raised funding over three rounds, with notable investors including Amit Lakhotia, Chiratae Ventures, Axilor Ventures, and Stellaris Venture Partners. The latest funding was secured through a Series A round, involving six investors.
Keep reading to explore the intricacies of Locofast's fundraising journey and the investors backing this innovative platform.
What Is Locofast?
Locofast is a B2B online marketplace specializing in textile procurement. The company operates within the fashion, marketplace, supply chain management, and textiles industries. It is a private entity based in New Delhi, India.
With an employee count ranging between 101 and 250, Locofast has established itself as a significant player in its sector. The company has successfully raised funding through multiple rounds, with the latest being a Series A round.
How Much Funding Has Locofast Raised?
- Seed Round
- Amount Raised: USD 2,000,000
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and establish a foothold in the B2B textile procurement market.
- Series A
- Amount Raised: USD 15,000,000
- Date: February 2022
- Lead Investors: Axilor Ventures, Chiratae Ventures, Stellaris Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in technology, expand reach to more than 15 cities, and launch new product categories.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: February 2022
- Lead Investors: BlackSoil, Stride Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and expansion plans.
Locofast has raised a total of USD 17,000,000. The current valuation is not publicly disclosed.
Key Investors
- Axilor Ventures
- Details: Axilor Ventures is an accelerator and venture fund led by Kris Gopalakrishnan. It focuses on early-stage startups across various sectors.
- Investment Focus Areas: Early-stage startups, technology, healthcare, consumer sectors
- Notable Investments: FreshToHome, UrbanPiper, SigTuple
- Chiratae Ventures
- Details: Chiratae Ventures is a venture capital firm that focuses on early to growth-stage investments in technology companies. It has a strong presence in the Indian startup ecosystem.
- Investment Focus Areas: Technology, healthcare, consumer sectors
- Notable Investments: Myntra, CureFit, Lenskart
- Stellaris Venture Partners
- Details: Stellaris Venture Partners is a venture capital firm that invests in early-stage technology companies. It aims to support startups that have the potential to become market leaders.
- Investment Focus Areas: Technology, consumer, healthcare sectors
- Notable Investments: Mamaearth, Whatfix, LoadShare
- BlackSoil
- Details: BlackSoil provides debt financing for growth-stage companies across various sectors. It aims to support companies with strong growth potential.
- Investment Focus Areas: Debt financing, growth-stage companies
- Notable Investments: OYO Rooms, ZestMoney, LetsTransport
- Stride Ventures
- Details: Stride Ventures offers venture debt to growth-stage companies. It focuses on providing flexible financing solutions to support the growth of startups.
- Investment Focus Areas: Venture debt, technology, healthcare, consumer sectors
- Notable Investments: Pocket Aces, Miko, SUGAR Cosmetics
What's Next for Locofast?
Locofast is poised to capitalize on the burgeoning opportunities within the Indian textile sector, which contributes significantly to the country's GDP and employs millions. The company plans to invest in technology, expand to over 15 cities, and launch new product categories, positioning itself as a key player in the digital transformation of the textile supply chain.
Future fundraising opportunities seem promising, given the successful Series A round and the strategic involvement of investors. Locofast's expansion into international markets, including the US and Europe, could attract further investment to support its growth and technological advancements.
However, challenges such as ensuring consistent quality, managing rapid expansion, and navigating international market entry could pose hurdles. Despite these challenges, Locofast's strategic plans and investor backing suggest a bright future ahead.
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