(MENAFN- Kashmir Observer) Srinagar- FastBeetle Logistics Pvt. Ltd, a Jammu and Kashmir-based tech start-up focused on last-mile logistics in the Union Territory has raised an undisclosed investment as part of its latest funding round led by Jaipur-based angel investor KM Trans group.
A statement issued said that existing investors including Saurabh Mittal, Sandeep Patel Nepra from Nepra Group, and Vikram Sanghvi also participated in the fundraising.
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“Delhi-based NDM advisors have advised the round. The startup was co-founded in 2019 by two childhood friends sheikh Samiullah and Abid Rashid Lone aiming to disrupt the conventional delivery sector of J&K and make inroads into the e-commerce industry (sic),” reads the statement.
Locally referred to as“Beetles” the start-up has a strong network of warehouses and delivery centres across major districts of J&K.
With a robust logistics network, the company offers services across 18,000 pin codes in India and internationally, handling over 5 lakh shipments monthly.
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“This fundraising 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.
“We are partnering with over 2,000+ micro-entrepreneurs and SMEs, including women-led businesses, it fosters entrepreneurship and drives economic growth in underserved areas,” said Sheikh Samiullah, Co-founder and CEO of FastBeetle.
“The company announced it would use the funds to expand its last-mile delivery services, reaching 170 pin codes throughout J&K. Additionally, the funds will support its entry into a new Line Haul business vertical.”
The company has recently set up operations in Delhi and NCR and is looking forward to growing aggressively with the latest investments. This will help them bridge the gap between Delhi and J&K. said Sheikh Samiullah, Co-founder. Part of the raised funds will be used to develop 3PL services for direct-to-consumer (D2C) brands and further enhance the Fastbeetle express delivery network. Also, the company is building a platform to facilitate Quick commerce in J&K driven by ONDC demand.”
FastBeetle Co-founder & CTO Abid Rashid KMT's group CEO Amit Chandawar in a statement said,“We are delighted to take our partnership to the next level and believe that Fastbeetle is in a perfect position to grab a considerable chunk of e-commerce business in J&K. We are closely working with them and are happy with the growth witnessed in the last 12 months. The startup's significant contribution to the state's economic growth fills us with immense pride.”
Sunny Gupta, Co-founder & Fastbeetle's Strategy & Partnership Head said that in an industry where growth and sustainability are paramount, the company has demonstrated exceptional financial performance, achieving profitability in a short period.“By prioritizing profitability as a core metric, we have established itself as a robust and sustainable venture, attracting the attention of investors seeking long-term value.”
The company is looking to close FY25as its first full financial year of positive EBITDA.
In January 2023 FastBeetle became the first Kashmiri business to pitch for funding on Shark Tank India, the business reality television series on SonyLIV, and a franchise of the famous American show Shark Tank.
The 4-year-old logistic company from J&K raised Rs 90 lakh in Season 2 of the reality show.
The company, according to the founders, has already raised a couple of rounds of investments from angel investors and high-net-worth individuals.
“In December 2021, the company became the first startup from the Valley to raise $100,000 in Seed A funding round from angel investors,” the statement added.
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