Fashion e-commerce platform Styletag has raised $7.5 million (Rs 50 crore) from Jitu Virwani, Chairman & Managing Director of the Embassy Group, in his personal capacity. The funds will be used for product expansion, talent acquisition and acquiring designer brands. The company is looking to establish a GMV of Rs 50-70 crore by the end of this year, and claims that it is close to clocking 100,000 unit orders this season.
Styletag was founded by Sanjay and Yashodhara Shroff along with Vivek SP, Prashanth HN and Soujanya Sreenathin 2012. The startup is based out of Bangalore and operational in Delhi and Mumbai. It offers products ranging from clothes and fashion accessories for men and women, home decor, phone accessories, wedding collection to gift items and collectibles. The company claims that all the products are hand picked and provided to shoppers through flash sales. It adds that the merchandise being sold comes directly from the manufacturer, a licensed agent, a retailer or an importer.
Other developments in online fashion:
– In October, Aditya Birla launched an online fashion portal called abof.com that lists clothing and accessories for men and women, both from Aditya Birla’s brands as well as curated clothing from other brands.
– In August, fashion e-tailer Fashionara launched an Android mobile application and said that it was already receiving 45% of its transactions through the app.
– In July, Global Fashion Group, the owner of online fashion and apparel retailer Jabong, raised euro 150 million (~$166 million) in a round of funding from multiple investors.
– In June, Reliance Industries Limited’s (RIL) retail arm Reliance Retail said it had several e-commerce initiatives planned for the current fiscal year. This included a “Fashion and Lifestyle” format of Reliance Retail, other than a Reliance Digital Marketplace for small retailers.
– The same month, Ratan Tata invested an undisclosed amount in women’s fashion formal wear portal Kaaryah.
– In February, Snapdeal acquired the online luxury fashion store Exclusively.com for an undisclosed amount.
– Other than this, there is also Amazon, which offers clothing and other fashion related materials, Raymond, which has its own online store RaymondNext and Limeroad, a social shopping platform for women among others.