Portal for used luxury wear Envoged raises seed funding
Mumbai-based Armoire Lifestyle Pvt Ltd, which runs an online platform for women's luxury wear Envoged.com, has raised an undisclosed amount in seed funding from Nijhawan Group's Ankush Nijhawan, Mediology Software director Manish Dhingra and AMG Investment's Gaurav Bhatnagar.
Former Canaan Partners' MD Alok Mittal, Anant Goenka of Indian Express, Bollywood actor Jackky Bhagnani and Aspiring Minds CEO Himanshu Aggarwal also participated in this round, as per a press statement.
The funds will be used to scale up the company's reach and to strengthen its technology backbone, the company said.
"Two-thirds of an average urban girl's closet remains inactive, in a country where most girls aspire to own high street fashion. We are a curated platform serving this need," said Anandita Singh, co-founder of Envoged.
Envoged was launched in March this year by IIT Kharagpur alumni Singh and Manisha Barnwal, along with former Bain consultant Saahil Narang. It allows owners of luxury goods like handbags, footwear and accessories to sell them on the platform. Envoged follows an inventory-led model to ensure authenticity of premium products on its platform.
It collects the items, consigns them, checks for authenticity and determines the ideal resale price.
Only residents of Mumbai can sell on Envoged at present.
Envoged competes with Bangalore-based Zapyle.com, which also lets users shop and sell premium and luxury fashion brands on the platform. Elanic, Stylish Play, Share Wardrobe and Etashee are among the other prominent portals for pre-owned apparels in India.
In addition, startups such as FlyRobe, Klozee and LibeRent rent out premium fashion to users. Recently, Klozee.com had secured an undisclosed amount in seed funding from startup incubator TracxnLabs and other unnamed angel investors.
Many of these ventures are trying to replicate the success enjoyed by international players such as Poshmark, Secoo and Glambot. They are relying on the growing middle class' aspiration of owning premium and luxury brands.
Serial entrepreneurs Nijhawan, Bhatnagar and Dhingra had previously put money in Dineout, My Green Box and InShorts (previously News In Shorts).