Mumbai-based women focussed online styling and personalisation fashion startup 20Dresses has gathered $1 Mn in a seed round led by a group of angel investors including Srinivas Aluri, MD at Morgan Stanley, ex-Lehman Brothers executive Srinivas Modukury and BS Nagesh, founder of Trust for Retailers.
20Dresses is an exclusive Members-Only site where users gets a personal stylist setting up a personal showroom filled with trendiest fashion products. These products are handpicked and purchased keeping specifically in mind your fashion profile, taste, size and latest trends! The startup is into selling of private label products across apparel, accessories, bags and shoes, targeted towards women between the age group of 18-35. These products are personalised to the specific tastes of members using analytics.
The funds raised will be used for investing in technology, people and infrastructure.
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20Dresses was founded by Sumant Kasliwal, a Venture Capital & PE Investor turned Entrepreneur. He had previously worked with Arthur Andersen, ICICI Venture, STAR India & Microsoft in 2012. The startup has crossed 1 crore in sales and going forward, it is targeting to achieve sales of `50 crore this year.
“We only sell our own brand which makes our products unique and allows us to maintain healthy margins while still keeping our products at extremely competitive price points,” said Sumant said.
Fashion ecommerce segment has grabbed a lot of investor attention in past few months, last month, Hyderabad-based online fashion social network, VioletStreet.com had also raised INR 2 Cr. in an angel round led by former Bank of America SVP, Venkat Vallabhaneni, and Srinivasa Rao Paturi.