Srinagar: FastBeetle, an e-commerce company in Kashmir has become the first Kashmiri startup to raise $100,000 which has brought smiles to the owners and aspiring entrepreneurs in the Valley, hit by the decades-long strife.
Launched in the year 2019 before the abrogation of Article 370, the owners grappled with a year-long internet shutdown and were on the verge of closing it besides struggling to find employment for themselves.
However, with the patience to continue the company and an urge to provide employment for local youth, the owners kept afloat and today become the first online service delivery company to raise such a huge investment.
The company raised the investment in a pre-Series A funding round led by a clutch of angel investors including Sandeep Patel from Nepra, entrepreneurship evangelist Saurabh Mittal, Vikram Sanghvi, Rohit Qamra, and a few non-resident Kashmiris.
Sheikh Samiullah, CEO and the co-founder of FastBeetle, told ETV Bharat that he and his co-founder partner Abid Lone will expand their company across Jammu and Kashmir and beyond.
“The funding will be utilized in expanding the operations to all the districts of Jammu and Kashmir. We will use the funding in marketing, promotion, and overhauling of IT infrastructure as well as in hiring employees,” Sami Ullah said.
The two co-founders began the company with five employees and despite internet shutdown and Covid lockdown, they have expanded to Jammu and Leh districts and have hired 70 employees.
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Of late, Jammu and Kashmir has seen a rise in e-commerce buying by the locals and this is where Sami Ullah and his friend found an opportunity to launch their company.
The company provides inbound and outbound full-stack logistics services across 50,000 pin codes in J&K and works with over 800+ micro-entrepreneurs and SMEs, of which 60 per cent are run by women, helping drive entrepreneurship in the region and providing critical services in areas not serviced by larger companies.
It recently announced strategic tie-ups with Amazon and Flipkart to enable last mile logistics in several pin codes in Kashmir.
The company has grown steadily after its selection last year at a special incubation program held in Srinagar by ALSiSAR Impact, a double bottom line impact incubator and transaction advisory firm, that has a special focus on frontier markets and the Himalayan region.
“This is one of the first such investments in the region that is full of potential for both social and economic impact. It also signals to other capable entrepreneurs in the valley that it is possible to raise funds to build a scalable enterprise, Sami Ullah said.
