SRINAGAR: Jammu and Kashmir-based digital logistics platform, FastBeetle, has successfully raised an undisclosed amount of funding in a Pre-Series A round. The funding, which values the company at 3 million, was led by angel investors KM Trans Group from Jaipur and advised by Alsisar Impact.
Founded in 2019 by Samiullah and Abid Rashid Lone, FastBeetle aims to revolutionize the traditional delivery sector in J&K while making significant strides in the e-commerce industry. The startup, incubated by Alsisar Impact in Mumbai, has established a robust network of warehouses and delivery centers across major districts of J&K, including a recent expansion into Ladakh. With an extensive logistics network covering 19,000 pin codes in India and internationally, FastBeetle handles over 300,000 shipments monthly. The company’s partnerships with over 1,500 micro-entrepreneurs and SMEs, including women-led businesses, not only provide comprehensive logistics services but also foster entrepreneurship and drive economic growth in underserved areas.
A key offering of FastBeetle is its streamlined order management platform for enterprise users. By leveraging proprietary algorithms such as real-time order clubbing and dynamic batching, the startup optimizes operations, reducing lead times and improving first-time delivery success rates. This optimization minimizes the need for multiple attempts and returns, helping businesses save costs associated with return to origin (RTO) shipments.
Sheikh Samiullah, Co-founder and CEO of FastBeetle, expressed the company’s mission to provide a world-class experience to customers and partners while generating long-term value for stakeholders. He emphasized the potential for significant social and economic impact through their investments in the Himalayan region.
FastBeetle’s partnership with KM Trans Group and Alsisar Impact has been met with enthusiasm. KM Trans Group expressed their delight in joining forces with FastBeetle and acknowledged the startup’s dedication to establishing a technology-driven logistics network in J&K, an achievement that has eluded many major players in the field. They also commended FastBeetle’s significant contribution to the state’s economic growth.
The recently raised funds will be directed towards implementing advanced technology solutions such as AI, machine learning, and data analytics to enhance operations, hiring, route planning, and tracking. Additionally, FastBeetle plans to use the funding for geographical expansion, strengthening supply chain partnerships, and developing tailored solutions for direct-to-consumer (D2C) brands. These solutions include better integration with warehouses, transporters, and third-party Warehouse Management Systems, enabling same-day and next-day deliveries.
CTO Abid Rashid highlighted the company’s commitment to leveraging advanced technologies and improving their offerings in his statement.
FastBeetle’s previous funding success includes a capital infusion of INR 90 lakh from Peyush Bansal and Aman Gupta during Shark Tank India Season 2 in October 2022.
The funding round comes at a challenging time for the Indian startup ecosystem, facing a capital crunch during the ongoing funding winter. FastBeetle’s exceptional financial performance and focus on profitability have positioned it as a robust and sustainable venture, attracting the attention of investors seeking long-term value. Sunny Gupta, Head of Strategy and Partnerships, expressed pride in FastBeetle’s achievements and its prioritization of profitability as a core metric.
With its recent funding and strategic partnerships, FastBeetle is poised to continue its growth trajectory and establish itself as a technology-driven leader in the logistics industry, contributing to the economic development of Jammu and Kashmir.