Kashmiri startup on Shark Tank India gets Rs 90 lakh funding, vote of confidence for last-mile delivery businesses

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Lenskart CEO Piyush Bansal and boAt CEO Aman Gupta committed Rs 90 lakh in funding to FastBeetle, which plans to use the money to open a branch in Ladakh, and for HR and tech expansion,

Logistics tech platform headquartered in Srinagar, FastBeetle was co-founded by two friends Abid Rashid and Sheikh Samiullah in 2019.

FastBeetle, a logistics startup, this month became the first Kashmiri business to pitch for funding on Shark Tank India, the business reality television series on SonyLIV, and a franchise of the famous American show Shark Tank.

The three-year-old logistic courier company from Jammu & Kashmir has raised Rs 90 lakh in Season 2 of the reality show.

Shark Tank India program offers an opportunity for business owners to present their pitches (entrepreneurial concepts) and potentially gain financing from the judges known as “sharks”.

FastBeetle is one of the 198 startups to make it to the finals – according to SonyLIV, 8 lakh entrepreneurs had applied for season 2.

Sheikh Samiullah, CEO of FastBeetle, told Moneycontrol that the startup has raised a bridge round of Rs 90 lakh from two sharks—Lenskart CEO Peyush Bansal and boAt co-founder Aman Gupta. “Luckily, we managed to bag a big one… The investment amount will be utilised on human resource expansion and for the tech development of the company,” Samiullah added.