J&K based Digital logistics platform ,FastBeetle, raises an undisclosed funding at $3 million valuation in a Pre Series A round led by Jaipur Based angel investors KM Trans group and advised by Alsisar Impact.
Both Samiullah and Abid Rashid Lone co-founded FastBeetle in 2019 incubated by Mumbai based Alsisar Impact, aiming to disrupt the conventional delivery sector of the J&K and making inroads into the e-commerce industry.
The start-up has a strong network of warehouses and delivery centers across major districts of J&K, including recent expansion into Ladakh. With a robust logistics network, it offers comprehensive services across 19,000 pin codes in India and internationally, handling over 3 lakh shipments monthly. By partnering with over 1,500 micro-entrepreneurs and SMEs, including women-led businesses, it fosters entrepreneurship and drives economic growth in underserved areas.
FastBeetle offers enterprise users a streamlined order management platform, utilizing proprietary algorithms like real-time order clubbing and dynamic batching. This optimization reduces lead times and improves first-time delivery success, minimizing the need for multiple attempts and returns. By minimizing delivery failures, startup helps businesses save costs associated with RTO.
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. stated Sheikh Samiullah, Co-founder and CEO of FastBeetle.
Fastbeetle, a renowned name in the logistics industry of Jammu and Kashmir, has embarked on a mission to create a strong and efficient logistics network within their home state. At KMT, 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. Said KMT in a statement.
The company will invest in advanced technology solutions like AI, machine learning, and data analytics to improve operations, hiring, route planning, and tracking. This funding will also help in geographical expansion, strengthen supply chain partnerships, and enhance solutions for D2C brands like offering Same day and Next day delivery by integrating better with warehouses, transporters, and third-party Warehouse Management systems. CTO Abid Rashid said in a statement.
Fastbeetle last raised 90 lakh in Shark Tank India Season 2 in Oct 22 from Peyush Bansal and Aman Gupta.
The fundraise comes at a time when the Indian startup ecosystem has been hit hard by capital crunch amid the ongoing funding winter.
In an industry where growth and sustainability are paramount, Fastbeetle has demonstrated exceptional financial performance, achieving profitability in a short span of time. 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. Sunny Gupta,Strategy & Partnership Head said in a statement