Social fashion discovery platform Shopwati raises seed funding
Gurgaon-based Prachalit Infomedia Pvt. Ltd, which runs online fashion discovery platform Shopwati, has raised an undisclosed amount in seed funding from boutique investment company SRKK Advisors.
The funds will be utilised for development of technology and customer and vendor acquisitions outside Delhi, according to a company statement.
Shopwati helps its users find clothes and accessories with the help of community members who include vendors, bloggers, private labels, designers and stylists. Built around conversations, the Shopwati community helps its users take a poll on what to buy and from where to buy it. Users can post what they are looking for and vendors, users and bloggers help in finding the best deal. The company was founded in 2015 by Mehak Suri and Ankit Bajaj.
Bajaj is a graduate from Brookes University, Oxford and had earlier co-founded SMS-based search engine Ask Birbal. Suri is an MBA from Infinity Business School, Gurgaon and has worked with Indian Hotels Company (The Taj Group), Oberoi Hotels, Radisson and Le Meridien hotels.
"Most women know what they will wear for a particular wedding/event two months later; what they don't know is where to buy it from, and we see that as a huge opportunity. On Shopwati, thousands of vendors respond to queries of users looking for clothes, makeup, accessories, footwear or gift ideas," said Mehak Suri, co-founder and COO, Shopwati.
Shopwati claims to have crossed a gross merchandise value (GMV) of Rs 1.5 crore in less than six months of operations, addressing over 300 queries everyday. It charges an annual subscription fee from vendors but does not charge any commission on sales. The company had recently launched an Android app.
SRKK Advisors is a boutique investment company started in 2008 by Sanjiv Rai which invests in pre-revenue early-stage companies.
Like this report? Sign up for our daily newsletter to get our top reports.