FastBeetle Logistics, also known locally as Beetles, has a substantial network of warehouses and delivery hubs spread throughout the main districts of J&K, including recent development into the Union Territory of Ladakh.
In a Pre-Series A round headed by the Jaipur-based angel investors KM Trans Group, FastBeetle Logistics Pvt. Ltd, a software start-up with headquarters in Jammu and Kashmir that focuses on last-mile logistics in the Union Territory, raised an undisclosed sum at a $3 million valuation. The transaction’s advisor was Alsisar Impact.
The firm, which was co-founded in 2019 by Sheikh Samiullah and Abid Rashid Lone, two childhood friends, and was incubated by Mumbai-based Alsisar Impact, aims to upend the J&K delivery market’s traditional structure and make inroads into e-commerce.
FastBeetle Logistics, also known locally as Beetles, has a substantial network of warehouses and delivery hubs spread throughout the main districts of J&K, including recent development into the Union Territory of Ladakh. It’s purpose is to offer customers and partners a first-rate experience while creating long-term value for stakeholders, and this fund raising is another significant step toward that goal. There is a possibility that our efforts in the Himalayan region will have a big social and economic impact. For instance, this fund-raising will provide local business owners and aspiring entrepreneurs who have been struggling owing to several obstacles confidence. Samiullah told Moneycontrol that the foreign investment in a local firm is also encouraging for Kashmir’s general economic environment.
The fundraising takes place at a time when a severe financial shortage has severely affected the Indian startup sector.
Tech solutions
In order to enhance operations, hiring, route planning, and tracking, Lone stated that “We will invest in advanced technology solutions, including AI (Artificial Intelligence), machine learning, and data analytics.” By better integrating with warehouses, transporters, and third-party warehouse management systems, Lone added, “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.”
According to a statement from FastBeetle, KMT’s Amit (full name) 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. We are really proud of the startup’s considerable contribution to the state’s economic expansion.
Using patented algorithms including real-time order clubbing and dynamic batching, the company claimed that FastBeetle provided enterprise users with a streamlined order management platform.
“This optimization shortens lead times and boosts the success of first-time deliveries, reducing the need for repeated tries and returns. Startups assist organizations in reducing the expenses associated with RTO (Return to Origin) by minimizing delivery failures.
With a strong logistics network, the company provides services to over 300,000 shipments every month spanning 19,000 PIN Codes in India and abroad.
In order to promote entrepreneurship and spur economic growth in neglected areas, Samiullah remarked, “We are cooperating with over 1,500 micro-entrepreneurs and SMEs (Small and Medium Enterprises), including women-led enterprises.
FastBeetle’s head of strategy and partnerships, Sunny Gupta, asserted that the business had displayed remarkable financial success, achieving profitability quickly. We have established ourselves as a strong and durable company, catching the eye of investors looking for long-term value by prioritizing profitability as a primary criterion, added Gupta.
FastBeetle, the first Kashmiri company to pitch for money on the business reality television series Shark Tank India, a spinoff of the well-known American program Shark Tank, debuted in January.
First investors were family and friends.
In Season 2 of the reality series, the four-year-old J&K logistics and courier company raised Rs 90 lakh.
FastBeetle began its operations with the aid of funding from family and friends, just like other companies in India. It quickly became a rapidly expanding logistics technology platform in J&K and Ladakh.
According to the creators, the business has already secured a number of rounds of funding from high-net-worth individuals and angel investors.
The business raised $100,000 in a Seed A investment round from angel investors in December 2021, making it the first firm in the Valley to do it.
