Talking about why the company opted for venture debt, co-founder Tushar Ahluwalia said, “We saw a lot of merit in taking venture debt and partnering with Trifecta. It is a cheaper source of capital and would allow us to reduce our overall cost of funds, thus, improve ROE (Return On Equity) for shareholders.”
Related Article: Fabindia’s MD Backs Online Fashion Portal StalkBuyLove
As per a company statement, the startup purchases raw material and creates prototypes of outfits, which are uploaded on the company website and the design is manufactured once an order is received for the same. StalkBuyLove has a pan-India presence.
The startup will use the recently raised funding to strengthen its supply chain technology and expand the team. The brand claims to have sold 65,000 garments in April 2017.
In September 2016, the startup raised an undisclosed amount of funding from William Bissell, Managing Director of ethnic retailer Fabindia. The funding was an extension of the previous round that it raised in March 2016 from Germany-based venture fund Littlerock,, Singularity Ventures, 500 Startups and others.
In February 2017, Bengaluru-based fashion discovery app Wooplr raised $8 Mn in Series B round of funding from Sistema Asia fund, a proprietary fund floated by Sistema JSFC. Helion Ventures and Amereus Group also participated in this round. Other startups in this segment include Tiger Global-backed Roposo, Voonik, Purplle, Fabence, Klip.in, etc.