The move has been confirmed to MediaNama by Mahesh Murthy, whose early stage venture capital firm, SeedFund, has invested in Fetise. We tried to contact Shah for the confirmation but he did not respond to our call and SMS. Murthy has also informed that the management change is a part of the planned transition and that business will continue as usual at Fetise. The company had raised $5 million in its first round of funding from Seedfund in January 2012. SeedFund has invested in two fashion related eCommerce ventures – Fetise and Done By None.
It’s not clear where he’ll be heading next, however, his LinkedIn profile states that he’s currently taking a sabbatical. Prior to joining Fetise, Shah had co-founded DealsAndYou.com (formerly Wanamo.com). He has also worked with Tyroo Media Pvt Ltd as a regional manager and at Pencon Infotech Ltd as a Marketing Manager – Institutional Sales.
Fetise focuses on luxury brands for men and was launched in March 2011. In January 2012, the company was apparently handling around 500 transactions per day at a revenue run-rate of Rs 2-2.5 crore per month and an average billing amount of Rs 1500.
Fetise competes with online apparel players like Smile Interactive’s Freecutlr, Times Internet Limited’s* HutK.com, ThePrivateSales, Exclusively.in (acquired by Myntra), FashionAndYou, and the India Today group’s bagittoday.
*Disclosure: Indiatimes is an advertiser with MediaNama