A whopping $7.5 Mn (INR 50 Cr) has been secured by Bangalore-based online curated fashion and lifestyle startup Styletag.com through angel funding from Jitu Virwani, Chairman & Managing Director at Embassy Group.
Styletag foresees scaling up to 100 omni-channel models across major cities of the country in less than two years and becoming a prominent player in the fashion segment.
The company plans to use the secured funds to expand its range of private labels, acquire a few other designer brands and strengthen its team.
Founded in 2012 by Sanjay and Yashodhara Shroff along with former Infosys executive Vivek SP, tech blogger Prashanth HN and web designer Soujanya Sreenath, Styletag.com has positioned itself in the online retail market with its USP of making luxury apparels affordable. Styletag.com showcases multi designer and in-house brands and attracts customers with its flash sales model.
The company was created to offer best of couture & affordable fashion to millions of people based in and around smaller cities across the country. Taking a cue from Sanjay and Yashodhara’s first ever multi-designer luxury store in Southern India, ffolio, Styletag.com was a progression to gravitate towards the online medium. It is operational in Delhi-NCR and Mumbai.
Sanjay Shroff, founder & CEO, Styletag.com said, “Technology innovation has always been at the forefront of our business. While we have grown exponentially since our launch, we are committed to inspiring our customers with superior lifestyle, through an engaging and enriching experience and by being ahead of the curve in the lifestyle and fashion segment. While our brick and mortar presence will aid in brand building, we aggressively aim to retail through online commerce to reach out to lifestyle aficionados.”
The company aims to establish a GMV (Gross Merchandise Value) of about $7.5 Mn to $10.6 Mn (INR 50 to 70 Cr) by the end of this year.
Jitu Virwani, who has made an investment in his personal capacity in Styletag, stated that apart from being an exciting space, ecommerce is dynamic and an upcoming market. He added, “Through similar investments, I want to encourage players in the startup space.”
The fashion ecommerce space has number of players like Jabong, KOOVS, Myntra, Voonik, FashionAndYou, Fashionara and others. Among these, FashionandYou and Fashionara follow the flash sale model. Earlier today, another fashion etailer, Craftsvilla raised around $33.3 Mn, aiming to hit a GMV of $500 Mn.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.