Ripplr, a tech distribution and logistics platform, has raised $40 million in its Series B round in a mix of debt and equity from new and existing Investors. While investors put $28 million in exchange for equity in the company, Ripplr raised $12 million in debt.
Fireside Ventures led the current round, while investors such as Bikaji and Neo Foods along with existing backers like 3one4 Capital, Zephyr Peacock and Japan-based Sojitz Corporation, also participated in the round. Strides Ventures, Alteria Capital, Northern Arc Investments and Trifecta Capital were the debt investors in Ripplr.
The Bengaluru-based startup said it will use the $40 million to strengthen its tech platform, expand its team size and reach newer locations in the country. The company did not comment on its valuation.
Set up in 2019 by Abhishek Nehru and Santosh Dabke, Ripplr – which claims to be operationally profitable – is a plug-and-play integrated distribution network which offers distribution as a service (DaaS) to brands. It helps them in creating visibility and enhances their reach.
The fresh funding comes at a time when investors are tightening their purse strings and backing players who demonstrate a path towards profitability. Ripplr had raised $12 million in December 2021 and had previously raised about $4 million from its investors, Tracxn data showed.
“With this round, we are aiming to increase our geographical footprint in India to solve the reach and visibility complications faced by all the FMCG Brands in offline distribution and supply chain,” co-founders Nehru and Dabke said in a joint statement.
This also comes at a time when online-only brands are setting up offline touchpoints as many have realized omnichannel, or a mix of online and offline, is the way to go forward, especially after the pandemic altered purchasing patterns of customers.
“There is an increasing focus on offline expansion that we see with D2C brands after they acquire a strong consumer franchise…Ripplr’s distribution platform operating at scale across the country will unlock the potential in the offline retail space,” VS Kannan Sitaram, co-founder and partner, Fireside Ventures said.
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