[Funding alert] Locofast raises $15 mn led by Stellaris, others

Fashion supply chain platform Locofast has raised $15 mn in a series A funding from Chiratae Ventures and Stellaris Venture partners.

The company said that fund will use to develop his products and launch small and medium enterprises (SMEs) and thinks on Spending in more than 15 cities domestically and outside the country.

Founded in 2019 by Deepak wadhwa and Mohit Piplani, Locofast is making the currently-broken textile supply-chain smarter, efficient and more transparent, by always putting its customers first.

“We are also in the process of setting up regional offices in the US and the European market as we are getting interest from those locations,” said, Deepak Wadhwa, CEO of Locofast.

The company claims we are cloud Textile factory which provides you to the fastest way to procure fabrics at globally competitive prices and industry. Locofast  have more than 100+ suppliers with 700+ brands and company’s  monthly manufacturing capacity around 50+ million meters.

“The Indian textile sector is one of the oldest industries in the country contributing about 2 percent of GDP and employing over 45 million people. It is a space that is ripe for digital transformation,” said Ranjith Menon, Partner and Executive Director, Chiratae Ventures.

Locofast currently have more than 100+ employees across four offices in the Indian subcontinent and a recently established office in Bangladesh. They have a dedicated team of dynamic individuals who continuously work towards changing the status quo and are hungry for exponential growth.