Mumbai-based Envoged, a social platform for buying and selling pre-owned luxury fashion products has raised an undisclosed amount of seed funding led by entrepreneurs Ankush Nijhawan, Manish Dhingra, Gaurav Bhatnagar (AMG investments) and few other angel investors.
Other who also participated in this round include Himanshu Aggarwal, CEO of Aspiring Minds; Bollywood actor Jackky Bhagnani; Anant Goenka Director and Head, New Media, Indian Express, and angel investor Alok Mittal.
Founded in 2014 by Anandita Singh and Manisha Barnwal along with Saahil Narang, ex-Bain & Co., Envoged is a social marketplace to buy and sell pre-owned branded fashion products. It offers a curated social community that helps users to sell and shop clothes and accessories from their personal closets.
Basically, it’s ‘re-commerce’ platform that helps users to renew their closet regularly with this colossal marketplace to shop from & sell into, and be in vogue with the latest trends.
Authenticity is crucial when it comes to shopping luxury online, therefore, the company has applied rigorous checks on every item they receive. Besides, it also checks for authenticity and determines the ideal resale price of each item.
The raised capital will be used for scaling up reach and driving tech innovation.
Filmstar Jackky also commented on this development, that he has closely seen how thousands of closets in the Indian fashion and Bollywood industry keep stocking up, and there is a clear opportunity for a platform like Envoged.
Just today, another startup in the same segment, Zapyle has raised $1 Mn seed funding. The startup provides women a platform to buy & sell pre-owned fashion products.
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