Lenskart CEO Peyush Bansal and Boat CEO Aman Gupta will invest Rs 90 lakh for 7.5% equity in Srinagar-based logistics startup FastBeetle at an Rs. 12 -crore valuation.
'FastBeetle' clinched the deal after pitching their business idea on the popular television show "Shark Tank"
"Our pitch clearly states that we need to create a startup ecosystem in the JammuAndKashmir. We had gone to @sharktankindia not to represent @fastbeetle but to represent the aspiration of the 1.5 crore population of Jammu and Kashmir. Thank you @peyushbansal and @amangupta0303 for believing in us," FastBeetle co-owner Sheikh Samiullah said in a Tweet.
In 2021, FastBeetle has become the first Kashmiri startup to raise 100,000 dollars 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. Existing investors Kartikeya Desai and Anuj Sharma also participated in the current round.
Our pitch clearly states that we need to create a startup ecosystem in the #JammuAndKashmir. We had gone @sharktankindia not to represent @fastbeetle_ but to represent the aspiration of the 1.5 crore population of #JK.Thank you @peyushbansal & @amangupta0303 for believing in us. pic.twitter.com/db7us6OrtV— Sheikh Samiullah (@_iamsamiullah) January 21, 2023
The company provides inbound and outbound full-stack logistics services across 19,000 pin codes throughout India and overseas and works with over 800+ micro-entrepreneurs and SMEs, of which 60 percent are run by women, helping drive entrepreneurship in the region and providing critical services in areas not serviced by larger companies.
FastBeetle was founded in 2019 by two friends from Kashmir
Founded in 2018 by two friends namely Abid Rashid Lone and Shiekh Samiullah, FastBeetle works to connect the needs and requirements of both the producers as well as consumers with the acquisition in an economically effective undertaking.
Within a short span after its inception, FastBeetle arises as the most reliable and fastest logistics company from Jammu and Kashmir.
FastBeetle started their courier and logistic services from locally run online and offline businesses which have besieged the Valley on trending heights.
The company is now working as a network wherein there is direct correspondence with customers, pickups, and deliveries in a timely manner with a powerful management system integrated on a mobile app as well as on a web platform and most of all the fastest delivery to the clients.