The funding round was a mix of equity and debt. While Fireside Ventures led the equity part, debt round saw participation from Strides Ventures, Alteria Capital, among others
Ripplr said it would use the fresh funds to strengthen its tech platform, expand its team and build a pan-India presence
The startup currently has presence in Maharashtra, Delhi, Kerala, Karnataka and Tamil Nadu, where it manages 24 warehouses
Bengaluru-based tech-driven distribution and logistics startup Ripplr on Wednesday (May 10) said it has raised $40 Mn in its Series B funding round, which was a mix of equity and debt.
Equity funding was led by Fireside Ventures and also saw participation from Bikaji and Neo Foods along with existing investors 3one4 Capital, Zephyr Peacock and Japanese conglomerate Sojitz Corporation.
Stride Ventures, Alteria Capital, Northern Arc Investments and Trifecta Capital participated in the debt part of the round, the startup said. However, it didn’t disclose the break up of equity and debt funding.
Ripplr said it would use the fresh funds to strengthen its tech platform, expand its team and build a pan-India presence.
The startup currently has presence in Maharashtra, Delhi, Kerala, Karnataka and Tamil Nadu. It manages 24 warehouses in these states.
“We aim to use the fresh funds for growth and tech innovation to move northwards gradually,” its cofounder Santosh Dabke said.
Founded in 2019 by Abhishek Nehru and Dabke, Ripplr offers a B2B web platform and mobile application to connect retailers with distributors. The startup claims that the platform uses AI to make predictions and decisions which helps brands deliver an integrated customer experience by elevating certainty and quality for consumers.
It counts Dabur, Tata Consumer Products, and Godrej among its customers for its distribution service vertical, while its logistics services are used by the likes of BigBasket, Zomato, among others.
Ripplr last raised $12 Mn in a mix of equity and debt from Sojitz Corporation and Stride Ventures in December 2021.
The fundraise comes at a time when the Indian startup ecosystem has been hit hard by capital crunch amid the ongoing funding winter. However, many logistics startups have been able to raise funding in recent times amidst the doom and gloom.
Earlier this month, supply chain enterprisetech platform Pando raised $30 Mn in its Series B funding round led by VC firm Iron Pillar. In March, logistics SaaS startup Pidge raised $3 Mn in a pre-Series A funding round, while freight management startup Freightify raised $12 Mn in a Series A round earlier this year.