Online Fashion brand StalkBuyLove has raised an undisclosed amount of funding from William Bissell, Managing Director of ethnic retailer Fabindia.
The company plans to use the money to spur growth and improve its supply chain, fulfillment network and hire fresh talent in its design team.
An email sent by ET to Angela De Giacomo, Bissell’s spokesperson who manages his personal investments, did not elicit any response.
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Tushar Ahluwalia, co-founder of StalkBuyLove, said, “We are planning to start selling men’s clothing and Bissell’s backing is a stamp of trust for our business model.”
Founded by Rocket Internet Alumni Tushar Ahluwalia, Nishrit Srivastva, Aashna Chopra and fashion expert Shikha Ahluwalia in 2013, StalkBuyLove is an online fashion brand that caters to young fashion-conscious women through its website and mobile app.
Inspired by global brand Zara, Delhi-based StalkBuyLove combines fashion competence with proprietary, custom-made technologies for its sourcing and production strategy, which allows the company to own its entire value chain.
According to the founders, the fashion portal leverages on its supply structures to deliver a highly efficient supply model with realised gross margins of 70% and 12 full inventory turns a year. StalkBuyLove claims to have 8% month-over-month growth with a current gross revenue run rate of $5 Mn.
Ahluwalia said the online retailer has clocked an annualised gross revenue rate of $7 Mn. It’s also exploring entering B2B channels.
In October last year, the ecommerce portal raised an undisclosed amount of funding from investors including former Rocket Internet CEO Mato Peric and AECAL’s partner Peter Kabel. In March 2016, Sujal Shah-led fashion content blog BandraRoad launched its online store. Other startups in the fashion retail segment include Voonik, Purplle, Roposo, etc.
The development was first reported by ET.