StyleCracker raises $1M in seed funding
StyleCracker, a portal that connects women with designers for advice on fashion and styling trends, has raised around $1 million (Rs 6.64 crore) in its first round of funding from a bunch of high net-worth individuals, according to a report in The Economic Times.
Angel investor Malav Shah has put money in the company, as per the report, which quoted StyleCracker co-founder Dhimaan Shah as saying.
Names of the other investors could not be immediately ascertained.
Dhimaan did not respond to a Techcircle.in query till the time of writing this report.
The startup, which is run by Mumbai-based Kanvas Consultancy Pvt Ltd, will use the money to develop its technology backbone and for venturing into global markets. StyleCracker will also be launching styling option for men soon, according to its website.
StyleCracker, which was founded in 2013 by Shah and Archana Walavalkar, claims to be India's first online personal styling platform. The company allows users to get fashion related advice from designers. It also shares tips for users to manage their wardrobe besides providing access to a catalogue of looks.
Shah is an alumnus of Northwestern University and had worked with HSBC before founding StyleCracker. Archana was fashion editor at Vogue magazine prior to starting the venture.
As per the report, StyleCracker has about 100,000 users. It is associated with nearly 200 brands, 50 of which are paying ones. The company aims to clock Rs 35 crore in revenue by the end of the current financial year.
In the personalised styling space, StyleCracker competes with the likes of 20Dresses and Voonik.
20Dresses raised $5 million from Sequoia Capital and Seedfund in June this year, while Voonik hadsecured 1$ million in its angel funding round in February. Voonik, run by Voonik Technologies Pvt Ltd, said last week that it has acqui-hired TrialKart, a mobile platform that provides virtual dressing room experience.