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Gurgaon-based Fashalot, a location-based fashion discovery platform, has raised an undisclosed amount of funding in pre-series A round led by YourNest Angel Fund and investor Rajul Garg, reported ET.
Launched in 2015 by Amit Koshal, Rishi Batra, and Amit Sharma, Fashalot is a omni-commerce platform that connects shoppers and retailers to increase foot traffic and engagement at stores. Its mobile app and web platform enables shoppers to discover brands and labels in apparel, footwear, and accessories, available at stores, at their nearest locations. The startup aims to blend the virtual and real world shopping experience by allowing the users to buy in a single swipe while retaining the ‘real’ shopping satisfaction of trying for size and style before buying.
Amit Koshal, Founder & CEO, Fashalot, commented, “Fashalot has demonstrated an impressive growth rate of over 100% month-on-month. Several regional, national and international brands that have partnered with us owe almost 10% of their monthly revenue to our disruptive mobile technology that is built to drive footfalls for brick-and-mortar fashion retailers. We are on track to be the largest O2O (online to offline) location-based fashion discovery network in India and the capital raised will contribute significantly for us to achieve this goal.”
With the newly raised capital, Fashalot plans to hire top level talent, invest in product development, and accelerate business growth. The startup plans to expand to more cities beyond Delhi, Gurgaon, and Bangalore, where it currently operates.
Fashalot offers value-for-money to its users by passing on the monetary benefit of every transaction to them. Consequently, shoppers can earn up to 25% of their bill amount back and can redeem it for future purchases. With Its unique business model and the value that it brings to the shoppers, Fashalot has already recorded 60,000+ downloads in a short span of time. Testimony to its growing popularity is the fact that it is now registering 30% repeat transactions, up from 17% a month ago.
Rishi Batra, co-founder of Fashalot, said that the startup has been able to drive over 15,000 people to their partner stores during March 2016 and are receiving over 30% repeat customers.
The startup has partnered with multiple brands and retail stores like, Meena Bazaar, Sabhyata, Private Lives, Delco, Arjay Agencies, Emdee Apparels (which have franchisees of brands like Levis, UCB, PN Rao, Planet Fashion, Van Heusen, Louis Philippe), and also many stand alone shops.
Earlier in May 2015, Yebhi’s co-founder Danish Ahmed had launched ShopSity on the same concept. ShopSity has managed to raise seed funding from Shopclues founder, Sandeep Aggarwal and Netprice founder, Teruhide Sato.
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