Romil Jain Leaves SaaS Startup Increff to Pursue New Avenues

Romil Jain, known for co-founding and serving as the former Chief Technical Officer of the SaaS startup Increff, has departed from the company, as reported by sources familiar with the situation to Startup Superb. According to an anonymous source, Jain exited Increff late last year and is poised to start a new entrepreneurial venture.

Prior to establishing Increff in 2016, Jain held positions as a Chief Architect and Principal Engineer at DevFactory and Computer Associates. He initiated Increff alongside Rahul Jain and Anshuman Agarwal.

Reports indicate that Jain is likely to unveil his new project shortly. Increff has chosen not to make any comments on the matter.

This transition aligns with the promotion of Vishal Raj, who has been appointed as the new co-founder of Increff. Raj, having dedicated over seven years to the company, currently serves as its Chief Technical Officer.

About Increff and Its Contributions

Increff is focused on assisting fashion brands and retailers in enhancing inventory management and increasing sales velocity by two to three times through its omnichannel and merchandising platforms. The company has established partnerships with over 700 brands globally, facilitating the optimisation of inventory, warehousing, and order fulfillment across 35 countries.

Funding and Financial Performance

In February 2022, this Bengaluru-based company successfully raised $12 million during its Series B funding round, led by TVS Capital Funds, Premji Invest, and Binny Bansal’s 021 Capital. To date, Increff has secured a total of approximately $17 million.

According to various reports, Increff experienced a 5.8% rise in its operating revenue, reaching Rs 90 crore in FY24, up from Rs 85 crore in FY23. Furthermore, during the fiscal year ending in March 2024, the company reduced its losses by 29%, bringing them down to Rs 34 crore from Rs 48 crore in FY23.