FastBeetle raises $3 million in Pre Series A
Jammu and Kashmir-based tech start-up FastBeetle Logistics Pvt. Ltd. has successfully raised an undisclosed amount in a Pre-Series A funding round at a valuation of $3 million. The round was led by KM Trans Group, a group of angel investors based in Jaipur, with advisory support from Alsisar Impact.
FastBeetle Logistics, founded in 2019 by Sheikh Samiullah and Abid Rashid Lone, aims to disrupt the traditional delivery sector in J&K and expand its presence in the e-commerce market. The company has established a strong network of warehouses and delivery centres across major districts of J&K and recently expanded into Ladakh.
Samiullah expressed his enthusiasm for the fundraising, stating that it marks another milestone for FastBeetle Logistics. The company’s mission is to provide a world-class experience to customers and partners while generating long-term value for stakeholders.
He emphasized that the investment in the Himalayan region holds significant potential for social and economic impact, instilling confidence in local and aspiring entrepreneurs who have faced various challenges. Samiullah also noted that external investment in a local start-up is encouraging for the overall business environment in Kashmir.
Amid a capital crunch in the Indian start-up ecosystem, FastBeetle’s fundraising comes at a critical time. The company plans to invest in advanced technology solutions such as AI, machine learning, and data analytics to enhance operations, hiring, route planning, and tracking.
Additionally, the funding will support geographical expansion, strengthen supply chain partnerships, and improve solutions for direct-to-consumer brands. By integrating better with warehouses, transporters, and third-party warehouse management systems, FastBeetle aims to offer same-day and next-day delivery services, optimizing delivery efficiency and reducing costs associated with return to origin (RTO).
KM Trans Group expressed their delight in partnering with FastBeetle, acknowledging the company’s ambition to establish a technology-driven logistics network in J&K. They praised FastBeetle’s contribution to the state’s economic growth, highlighting the company’s achievements that have eluded many major players in the industry.
FastBeetle boasts a streamlined order management platform for enterprise users, leveraging proprietary algorithms such as real-time order clubbing and dynamic batching. These optimizations reduce lead times and improve first-time delivery success, minimizing the need for multiple attempts and returns.
The company’s robust logistics network enables services across 19,000 PIN Codes in India and internationally, handling over 300,000 shipments monthly. FastBeetle also focuses on fostering entrepreneurship and driving economic growth in underserved areas by partnering with over 1,500 micro-entrepreneurs and small to medium enterprises, including women-led businesses.
Sunny Gupta, FastBeetle’s strategy and partnership head, emphasized the company’s exceptional financial performance and profitability within a short duration. By prioritizing profitability as a core metric, FastBeetle has positioned itself as a robust and sustainable venture, attracting the attention of investors seeking long-term value.
FastBeetle gained further recognition when it became the first Kashmiri business to pitch for funding on Shark Tank India, a reality television series. In Season 2 of the show, the company raised Rs 90 lakh. Starting with financing from family and friends, FastBeetle has rapidly grown into a prominent logistics tech platform in J&K and Ladakh.
The company has already secured multiple rounds of investments from angel investors and high-net-worth individuals.FastBeetle achieved a significant milestone in December 2021 by becoming the inaugural start-up in the Valley to secure $100,000 in funding during a Seed A round led by angel investors.
