The Gurgaon-based fashion discovery site, Roposo.com has raised $5 Mn (over INR 31 Cr) in series A round of funding from Tiger Global Management. Indian Quotient and Binny Bansal (co-founder and COO of Flipkart.com) also participated in this round of funding.
The buzz for the deal came last month where the venture capital firm, Tiger Global Management, showed interest to invest in Roposo.
Speaking on the development, Avinash Saxena, Co-Founder and CEO, Roposo.com said, “Fashion discovery is an untouched space in India and our technology team has come up with unique ways to make this search highly intuitive. With browsers spending over 200 minutes on their platform, roposo.com is probably a world leader in fashion search, and this funding will help us strengthen our product further.”
Based in Gurgaon, Roposo is owned by Relevant e-solutions Pvt. Ltd. The online fashion portal was founded by IIT Delhi alumnus, Mayank Bhangadia, Avinash Saxena (ex CTO of Zomato.com) and Kaushal Shubhank. It is an unique fashion discovery platform that employs a proprietary recommendation engine to match shoppers. The platform offers fashion choices from across 150 web stores with categories ranging from apparel, footwear, accessories and lingerie. All of these products are curated and recommended to each user as per their individual taste.
Earlier in June last year, Roposo had raised undisclosed amount of funds from India Quotient, 5 Ideas Startup Superfuel and Flipkart cofounder Binny Bansal.
It seems that ecommerce companies are investing heavily in the fashion category due to immense traction from consumers and sellers. Sales in this category has almost doubled to reach $559 Mn with an estimated growth rate of 20% per year whereas, Technopak estimates this space to reach USD 40 Bn by 2023, having an 8% in India’s total retail market.
Just last month, Snapdeal has acquired online fashion retailer Exclusively.com to strengthen its fashion business and Aditya Birla Group plans to launch an online fashion retail venture to give direct competition to other existing fashion portals like Jabong and Myntra.
As of now, Tiger Global Management has invested in India startups like Ola, Quikr, Myntra, Shopclues, Hike, CaratLane, CommonFloor, freshdesk, and Cartrade. Currently, the global venture firm is the largest shareholder in Flipkart after infusing over $700 Mn in the ecommerce firm.