The funds will be used to expand Crest’s product offerings, scale operations and onboard more brands faster.
Bangalore: February 23, 2023 : Bangalore based Automated Inventory Planning SaaS startup Crest raised 800K USD in its pre-seed funding round, led by IAN and IPV. The round also saw participation from 888vc, Faad Network, PointOne Capital and notable founders of companies viz. Delhivery, Shiprocket, Pickrr, Smytten, Samosa Party, and Sirona among others.
“Crest is built for D2C e-commerce and is focused on solving the fundamental issue of those businesses, i.e. reducing lost sales opportunities by increasing fill rate and helping optimise inventory through real time demand forecasting. By impacting the core of the business, Crest becomes a CXO priority and is not just another enabling software. In the fast evolving e-commerce and multi-shop retailing real time demand forecasting and inventory management is the need of the hour,” said Shantanu Ghosh & Vidit Nagory, IAN Lead Investors.
“We are excited by what Crest has built and the immense potential of the space, both in India and global markets. Crest is being led by founders who have deep working experience in supply chain & AI and who have seen success in their earlier venture in a similar space catering to large global brands. They are addressing a real need and enabling even small enterprises, access to AI-driven inventory optimisation across multiple channels and demand forecasting ability,” said Ivy Chin, Partner, IPV
Launched in March 2022, Crest is an automated inventory planning tool, designed to help D2C brands and SMBs in eliminating stockouts. It helps brands by providing answers to four crucial questions: What to order; When to order; How much to stock; Where to place. The result is improved serviceability and reduced risk of stockouts, right from the first month of implementation. Given the importance of these attributes and the progress that Crest has made, the round also saw participation from notable investors from the supply chain industry including Ankit Sethi.
The funds will be deployed to broaden Crest’s product offerings and scale the operations. Furthermore, in light of the current global economic slowdown, Crest seeks to assist brands in maintaining their financial stability by implementing efficient inventory practices to optimise their working capital.
“In less than 12 months, Crest has already onboarded numerous customers from various industries, improving serviceability by up to 95%, reducing out-of-stock situations by up to 90%, and automating supply chain operations. Notable customers include Samosa Party, Wow Skin, Swiss Beauty, Pro Nature, and Sleepwell, among others,” said Rahul Vishwakarma, Co-founder & CEO, Crest
Crest is a Bangalore-based, SaaS startup that helps D2Cs and SMBs accelerate revenue growth by eliminating frequent stock-outs. The product simplifies supply chain operations by using AI and Machine Learning to accurately predict demand, automate purchase planning and distribution planning. Crest helps customers in improving availability across different nodes and channels in the supply chain. Within three months of engagement it was able to reduce stock out frequency by half, resulting in a 15% increase in top-line revenue.
Crest was founded in 2022 by Rahul Vishwakarma, Akhil Kumar, and Yogesh Byahatti. Prior to founding Crest, three of them had been assisting businesses in improving their supply chains. To learn more about Crest, visit https://www.getcrest.ai/
Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 19 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor members, for the last 12 years. Some of its marquee investee companies include Druva, Spinny, Box8, Uniphore, WOW Momos, Consure, Fareye, NOCCARC, Propelld, Skit.ai Dhruva Space, Webengage, Farmart, Planet Sparks, amongst many others.
Along with the IAN Fund, an INR 375 crore VC fund, BioAngels and now a Rs. 1000 crores IAN Alpha Fund, the IAN Group has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from Rs. 25 lakhs to Rs. 50 crores.