Srinagar, July 13 : FastBeetle Logistics Pvt. Ltd., a Jammu and Kashmir-based tech start-up focused on last-mile logistics, has raised an undisclosed investment in its Seed B round, led by Jaipur-based angel investor KM Trans Group.
In a press release issued to KNS, the existing investors, including Saurabh Mittal, Sandeep Patel Nepra from Nepra Group, and Vikram Sanghvi, also participated in the fundraising, with Delhi-based NDM Advisors providing advisory services for the round.
Co-founded in 2019 by childhood friends Sheikh Samiullah and Abid Rashid Lone, FastBeetle aims to disrupt J&K’s conventional delivery sector and expand into the e-commerce industry. Known locally as “Beetles,” the start-up boasts a strong network of warehouses and delivery centers across major districts of J&K. The company offers services across 18,000 pin codes in India and internationally, handling over 500,000 shipments monthly.
“This fundraising is another milestone, and our mission is to provide a world-class experience to customers and partners while generating long-term value for stakeholders,” said Sheikh Samiullah, Co-founder and CEO of FastBeetle.
“Our investments in the Himalayan region have the potential for significant social and economic impact.”
FastBeetle plans to use the funds to expand its last-mile delivery services to 170 pin codes throughout J&K and support its new Line Haul business vertical. The company has recently established operations in Delhi and NCR, aiming to bridge the gap between Delhi and J&K.
Additionally, part of the funds will be used to develop 3PL services for direct-to-consumer (D2C) brands and enhance the FastBeetle express delivery network. The company is also building a platform to facilitate Quick commerce in J&K, driven by ONDC demand.
Amit Chandawar, CEO of KM Trans Group, expressed enthusiasm for the partnership, saying, “We are delighted to take our partnership to the next level and believe that FastBeetle is in a perfect position to grab a considerable chunk of the e-commerce business in J&K. We are happy with the growth witnessed in the last 12 months.”
Sunny Gupta, Co-founder and Strategy & Partnership Head of FastBeetle, highlighted the company’s exceptional financial performance, achieving profitability in a short period. “By prioritizing profitability as a core metric, we have established ourselves as a robust and sustainable venture, attracting the attention of investors seeking long-term value,” said Gupta.
FastBeetle aims to close FY25 as its first full financial year of positive EBITDA. In January 2023, the company became the first Kashmiri business to pitch for funding on Shark Tank India, raising Rs 90 lakh in Season 2 of the reality show. FastBeetle has previously raised a couple of rounds of investments from angel investors and high-net-worth individuals, including a $100,000 Seed A funding round in December 2021.
