Mumbai-based StyleCracker, an online fashion styling platform that offers personalised fashion experience has nabbed $1 Mn (about INR 6 Cr.) in the first round of funding from four high net worth individuals.
Founded in 2013 by Dhimaan Shah and Archana Walavalkar, StyleCracker is a styling platform for people who wish to get styled by country’s reputed and renowned designers in the fashion industry.
It has more than 1000 brands and allows users to read customers’ experiences and ratings; based on reviews, customers can choose to opt for the service. Besides, the portal also has a ‘Buy Now’ feature that allows to shop recommended products instantly, at a click of a button.
The startup will use the funds on technology development and expansion to global markets.
How it works:
- StyleCracker uses intelligent user data to offer users a personalised styling recommendations through live chats with the help of a team of stylists.
- Users can also build their own StyleCracker profile and fill it in a wish-list with products as well as choose their favourite celebrity.
- StyleCracker then provides users with customized recommendations, based on the body type, personal style and budget preferences.
As per the company, in last two years it has registered about 1,00,000 users on its platform and is aiming to cross 2 million users in the next 1 year.
According to Shah, StyleCracker is working with 200 brands, of which 50 are paying brands. The company is targeting a gross merchandise value (GMV) of INR 35 Cr. by March 2016.
To stand out in the fashion industry, Bangalore-based fashion retailer, Voonik acqui-hired Trialkart recently, a startup that gives a virtual dressing room experience to users for an undisclosed amount.
20Dresses is another exclusive members-only platform that sets up a personal stylist for its users as well as offers a personal showroom filled with trendiest fashion products.
Tiger Global backed Roposo also lets users discover trending fashion products that match their taste from anywhere on the web.
As per a research by Morgan Stanley, India’s online retail market is expected to cross $100 Bn mark by 2020 with fashion expected to account for about 30% of the total market. With these figures soaring high, every fashion brand is trying to impact consumer’s brain with varied strategies.
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