Ripplr plans to deploy the capital raised towards amplifying the company’s tech capabilities, product development, attracting new talent, expansion to new markets, and scaling of operations.
RIPPLR, a tech-enabled Distribution and Logistics Ecosystem Platform today announced that it has raised US$ 12 million in Pre-Series B funding. This round is a mix of Equity & Debt, which saw participation from Sojitz Corporation, a major Japanese conglomerate & Stride Ventures along with existing investors 3one4 Capital, Zephyr Peacock India Growth Fund & Chand Family Office – Yukti, supported by eminent early-stage angel investors Vivek & Abhay (Licious founders), Aniketh & Ashish (Solution Infini (now Kaleyra) founders).
Expressing their delight on the fresh round of funding, Abhishek Nehru & Santosh Dabke, Co-founders of Ripplr said, “We are delighted to have a successfully closed our Pre-Series B round despite the challenges of the pandemic. With our new model for the FMCG distribution and retail sector, we are in the process of disrupting traditional channels. Our AI/ML-based distribution platform bridges the gap between brands and unorganised retail, solving for both distribution and information asymmetry. We are building one of India’s largest asset-light and tech-enabled FMCG distribution network and will use these fresh funds to scale our business into new geographies and build robust tech capabilities.”
Mr. Sari Miida, General Manager, Retail Department, Retail and Consumer Service Division, Sojitz Corporation said, “We are pleased to have an opportunity to enter Indian FMCG market by collaborating with RIPPLR, which is one of the first companies to build digital distribution platform in the market and gaining traction from leading Indian manufacturers. From now on, we will try to contribute to solve the issues which consumer goods/food manufactures are facing in the Indian market by providing our knowledge gained through overseas wholesale business operations and our experience of international deals with consumer goods/food manufacturers. “
With the fresh injection of capital, Ripplr plans to deploy the capital raised towards amplifying the company’s tech capabilities, product development, attracting new talent, expansion to new markets, and scaling of operations. The company will continue to focus on providing sophisticated distribution solutions and stretching boundaries. The company had earlier closed its Series A at US$ 3 Million in January 2021.
Retail distribution in India is on the cusp of a technology-led transformation. With the onset of COVID-19 in India, the market experienced significant disruptions in supply chains and re-establishing them to provide a higher degree of reliability became a significant challenge. The distribution network continues to be broken and unorganized. The need for speed, technology, and reach will become critical for the success of brands. FMCG companies and emerging consumer brands are increasingly partnering with tech-driven distribution businesses and use their internal resources for branding, marketing, and advertising.
Ripplr is already engaged with an international investment banker and are in an advanced stage of discussion to close their series B funding early next year.
Source: Business World