Online Textile Marketplace Locofast raised $15 Million

Business-to-business (B2B) textile market Locofast has raised $15 million in Series A funding round co-led by Stellaris Venture Partners and Chiratae Ventures with the participation of Kris Gopalakrishnan fund Axilor Ventures, Bharat Pe CEO Suhail Sameer, and Park+ CEO Amit Lakhotia and Uni's Nitin Gupta. In addition to equity, the company also raised debt capital from strategic partners such as Stride Ventures and Blacksoil Capital. In addition to equity, the company also raised debt capital from strategic partners such as Stride Ventures and Blacksoil Capital.  Locofast was founded by serial entrepreneurs Deepak Wadhwa and Mohit Piplani, who previously founded the travel market WeAre Holidays. The company aims to address the currently disrupted textile supply chain through a platform that connects both vendors and suppliers. The company claims to have expanded rapidly and hired more than 500 suppliers that collectively processed more than 5,000 orders across India. The company claims to have contacted the supply chain of over 700 brands, including Zara, H & M, Primark, and others. Locofast will use this capital to expand to more than 15 cities in India and launch new product categories. It also plans to expand its workforce and invest heavily in building technology to help small and medium-sized enterprises (SMEs) grow their businesses.