Outletwise Retail Pvt Ltd, the company which owns and operates women focused online personalised styling platform 20Dresses.com, has raised $1 million in angel funding from multiple investors including Srinivas Aluri, MD at Morgan Stanley; ex-Lehman Brothers executive Srinivas Modukury; and Trust for Retailers founder BS Nagesh (he is also former CEO and now non- executive chairman of Shoppers Stop). Sumant Kasliwal, founder and CEO of 20Dresses confirmed the news to Techcircle.in.
The funds will be used for investing in technology, infrastructure, as well as for hiring talent. The development was first reported by The Economic Times.
The Mumbai-based startup was founded by Kasliwal in 2012. Prior to founding the startup, Kasliwal was a principal- PE Investments at ICICI Venture. He had earlier also worked at companies like Microsoft, Star India, and Arthur Andersen.
20Dresses.com is a members-only women-focused site where members can get a stylist setting up their personal showroom, which is filled with trendiest fashion products. According to the company, these products are handpicked and purchased keeping in mind the member's fashion profile, taste, size and latest trends.
Adding an e-commerce angle, as of now, the portal is selling its private label products across apparel, accessories, bags and shoes categories. Existing members can also invite their friends and earn credits for the same. While they earn 5 credits for every invitation sent, this number can go up to 100 credits when the friends make their first purchase on the site.
"We only sell our own brand which makes our products unique and allows us to maintain healthy margins while still keeping our products at extremely competitive price points," Kasliwal told the publication.
He further claims that the startup is growing at over 100 per cent every quarter, and has crossed monthly run rate of Rs 1 crore in sales. The firm is targeting sales of Rs 50 crore in 2015.
In this space, the startup competes with the likes of Voonik.com and StyleCracker.com. Voonik.com uses inputs such a body shape, skin tone, height and personal style and tastes to help customers choose the best possible product for them. The Bangalore-based startup had received Rs 2.5 crore from Seedfund, an early stage venture capital fund (since it won Bloomberg TV's Pitch Season 3) last year. It was also among the 16 startups picked for Microsoft Ventures' summer acceleration program.
In comparison, StyleCracker.com is a personalised styling platform that aims to 'make you the best version of you'.
(Edited by Joby Puthuparampil Johnson)