Pledge to Boost Jammu and Kashmir Startup Ecosystem
SUHAIL KHAN
SRINAGAR, Jan 21: Srinagar-based logistics startup FastBeetle has secured a funding round of INR 90 Lakh (approximately $120,000) from Lenskart CEO Peyush Bansal and Boat CEO Aman Gupta for a 7.5% equity stake at a valuation of INR 12 crore (approximately $1.6 million). The funding was announced on a popular television show Shark Tank, where the startup pitched their business idea.
FastBeetle co-owner Sheikh Samiullah took to Twitter to express his gratitude stating, “Our pitch clearly states that we need to create a startup ecosystem in Jammu and Kashmir. We had gone [to Shark Tank] not to represent FastBeetle, but to represent the aspiration of the 1.5 crore population of Jammu and Kashmir. Thank you Peyush Bansal and Aman Gupta for believing in us.”
Meanwhile, talking to Kashmir Despatch, Sheikh Samiullah said that the funding from Lenskart and Boat will help them to generate employment in the Union Territory of Jammu and Kashmir.
He said, “FastBeetle currently employs more than 120 people and plans to use this funding to expand its presence in the regions of Jammu and Kashmir and Ladakh.” “The goal is to establish a robust ecosystem in these areas,” he further added.
In a message to the youth of J&K, he urged them to take risks and become job creators, rather than seeking employment opportunities in the government sector. He stressed the importance of taking initiative and being proactive in creating opportunities for oneself and others, instead of solely relying on the job market.
The funding round is the latest development for FastBeetle, which in 2021 became the first Kashmiri startup to raise $100,000 in a pre-Series A funding round led by a group of angel investors, including Sandeep Patel from Nepra, entrepreneurship evangelist Saurabh Mittal, Vikram Sanghvi, Rohit Qamra, and a few non-resident Kashmiris.
Suhail Khan is a filmmaker, content writer, and freelance journalist.
