FastBeetle, J&K-based Logistics Startup, Secures $3 Million Valuation in Pre-Series A Funding
- ByStartupStory | June 10, 2023
FastBeetle Logistics Pvt. Ltd., a tech start-up from Jammu and Kashmir, has successfully raised an undisclosed funding amount with a valuation of $3 million in a Pre-Series A round. The funding was led by KM Trans Group, prominent angel investors based in Jaipur, with advisory support from Alsisar Impact. Founded in 2019 by childhood friends Sheikh Samiullah and Abid Rashid Lone, and nurtured by Mumbai-based Alsisar Impact, the start-up aims to revolutionize the delivery sector in Jammu and Kashmir while venturing into the e-commerce domain.
FastBeetle Logistics, popularly known as Beetles, boasts an extensive network of warehouses and delivery centers strategically spread across key districts of Jammu and Kashmir. Notably, the company has recently expanded its operations to include the Union Territory of Ladakh, further strengthening its presence in the region.
“This fund raising is another milestone and our mission is to provide a world-class experience to customers and partners while generating long-term value for stakeholders. Our investments in the Himalayan region have the potential for significant social and economic impact. For example, this fund raising will provide confidence to local entrepreneurs as well as to budding entrepreneurs who have been suffering due to many hurdles. The outside investment for a local startup is also encouraging for the overall Kashmir business setup,” Samiullah told.
“We will invest in advanced technology solutions—AI (Artificial Intelligence), machine learning, and data analytics to improve operations, hiring, route planning, and tracking,” Lone said. “This funding will also help in geographical expansion, strengthen supply chain partnerships, and enhance solutions for D2C (Direct To Consumer) brands like offering same-day and next day delivery by integrating better with warehouses, transporters and third-party warehouse management systems,” Lone said.
KMT’s Amit Chandwar, according to the FastBeetle statement, said: “We are delighted to announce our partnership with FastBeetle and eagerly anticipate witnessing their journey as they strive to establish a technology-driven logistics network in J&K, an accomplishment that has eluded many major players in the field. The startup’s significant contribution to the state’s economic growth fills us with immense pride.”
FastBeetle Logistics prides itself on providing enterprise users with an efficient order management platform, leveraging its proprietary algorithms such as real-time order clubbing and dynamic batching. With a strong and reliable logistics network, the company offers comprehensive services across a vast expanse of 19,000 PIN Codes in India and abroad. Impressively, FastBeetle handles a monthly volume of over 300,000 shipments, highlighting its capacity to manage large-scale operations effectively.
“We are partnering with over 1,500 micro-entrepreneurs and SMEs (Small and Medium Enterprises), including women-led businesses; it fosters entrepreneurship and drives economic growth in underserved areas,” said Samiullah.
Sunny Gupta, FastBeetle’s strategy and partnership head, claimed that the company had demonstrated exceptional financial performance, achieving profitability in a short duration. “By prioritising profitability as a core metric, we have established itself as a robust and sustainable venture, attracting the attention of investors seeking long-term value,” Gupta said.
In a remarkable milestone, FastBeetle, a four-year-old logistics and courier company based in Jammu and Kashmir, became the first-ever Kashmiri business to pitch for funding on the renowned reality television series, Shark Tank India. As a franchise of the popular American show, Shark Tank, the Indian version airs on SonyLIV. FastBeetle successfully secured funding of INR 90 lakh during Season 2 of the highly acclaimed reality show. Initially supported by financing from family and friends, FastBeetle swiftly established itself as a prominent logistics tech platform in J&K and Ladakh, witnessing rapid growth in a relatively short period.
FastBeetle, a logistics tech platform in Jammu & Kashmir and Ladakh, commenced its operations with financial support from family and friends, following the pattern of other startups in India. The company quickly established itself as a rapidly expanding venture and successfully secured multiple rounds of funding from angel investors and high net-worth individuals. In a significant milestone for the region, FastBeetle became the inaugural startup to raise $100,000 in Seed A funding from angel investors in December 2021.
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