Bangalore-based, Klozee, which allows customers to access apparels on rent, has raised an undisclosed amount in seed funding led by Tracxn Labs with few other angels participating.
Started just a month ago by IIT and IIM alumnus Aman Haji, Prashant Jain and Pratik Moona, Klozee, allows users to rent designer apparel at one-tenth of the retail price. The apparels can be availed through website as of now, it has plans to launch its mobile app in the next few months.
Co-founder Aman Haji said that the idea to start Klozee struck when his cousin complained about nothing to wear despite having a closetful of clothes. He decided that it would make a lot of sense to rent apparel than to spend a fortune on it. Klozee plans to target aspirational, young tech-savvy women between 16 to 35 years of age.
If we look at India’s apparel industry, it is estimated to grow at a CAGR of 9%, reaching $102 Bn by 2023. As per Google India, online fashion retail market, which is the largest contributor to the organised retailing market in India, is expected to reach $35 Bn by 2020.
In any case the demand for fashion apparels is at all time high with the changing consumption pattern and hordes of brands coming in the country. To mark a note Spanish fashion brand, Zara revealed that it has become the first apparel brand in India to cross the $100 Mn sales mark.
With the raised funds, Klozee plans to boost its marketing efforts and expand its operations in Mumbai and Delhi, currently it has operations in Bangalore.