BENGALURU: Artificial Intelligence-driven distribution and logistics start-up Ripplr has onboarded an investment banker who is working with the platform to close the Series B round.
The company is in advanced stages of discussion with many venture capitalists and private equity firms, and will be closing the round soon, as it is planning to enter new categories.
Last year, the start-up raised $12 million in a pre-series-B round with a mix of equity and debt from Sojitz Corporation, a Japanese firm and Stride Ventures. Earlier in January 2021, it had raised $3 million in a series-A round.
Ripplr connects brands with retailers, and offers distribution as a service (DaaS) to brands. It is also building the largest asset-light and tech-enabled distribution network.
Ripplr co-founder Abhishek Nehru told TNIE that they are entering two new categories – general merchandise and staples. A unique model, staples connects sellers with retailers, and it is inventory light. He also said that they are building a unique ‘uberisation’ model in the distribution ecosystem.
“This Uber model is actually complementing and not competing with anyone,” the co-founder said. By next fiscal, the start-up is aiming for over Rs 1,000 crore annual business.
"We have grown 6 times this fiscal, and have crossed Rs 600 crore annual run rate in March 2022. We plan to reach 100 cities and target ARR of Rs 2,500 crore by the end of next fiscal,” said Ripplr co-founder Santosh Dabke.
FMCG is one of the fastest-growing and one of the largest markets in the world. Post pandemic, the growth will continue to catch momentum in the personal and home care categories too, the co-founders said. The start-up wants to increase its retail base to 1 lakh in the next one year.