Zapyle raises $1M in angel funding
Zapyle.com, which allows users to buy and sell pre-owned luxury wear, has raised $1 million in seed funding from a bunch of unnamed real estate firms and investment companies in Bangalore.
The money secured will be utilised to strengthen its team, introduce new features on the mobile app and acquire customers, Rashi Menda, founder and CEO of Zapyle.com, said.
The startup's target audience is the internet-savvy women in the age group of 18-30.
Its mobile app allows users to upload images of pre-owned wearables in an 'Instagram-like' fashion. It has a predefined set of about 1,500 domestic and international brands that can be sold on the platform. The company undertakes background checks and quality assurance activities before permitting users to list their product on the platform. Zapyle takes a 25 per cent commission on the sale value.
Zapyle was founded in May 2015 by Menda, who holds a degree in Economics and Finance from University of Minnesota. She has worked with EY (formerly Ernst and Young) before founding Zapyle.
Zapyle competes with Mumbai-based Armoire Lifestyle Pvt Ltd, which runs online platform for women's luxury wear Envoged.com. It allows owners of luxury goods like handbags, footwear and accessories to sell them on the platform. Envoged raised an undisclosed amount in seed funding from Nijhawan Group's Ankush Nijhawan, Mediology Software director Manish Dhingra and AMG Investment's Gaurav Bhatnagar last month.
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.