Fashion startup CoutLoot acquires Once Again Store
Mumbai-based MJVS Fashion Services Pvt Ltd, which operates used-apparel reselling platform CoutLoot, has acquired Bengaluru-based Stororo Services Pvt Ltd, for an undisclosed amount. Stororo runs fashion and apparel portal for sellers Once Again Store.
Post the acquisition, all products listed on Once Again Store will now appear on the CoutLoot app, the startup said in a statement on Tuesday.
"Once Again Store has a very interesting peer-to-peer model, which would now be a part of our hybrid model. Moving ahead, as the segment is still shaping up, we want to have all the corners covered," said Sahil Khimavat, co-founder, CoutLoot, in the statement.
Once Again Store was founded in February 2015 by Umang Chordia and Nikita Agarwal and works on a peer-peer model that connects buyers and sellers through a website and Android app.
CoutLoot.com is a marketplace for both men and women to buy and sell branded and designer fashion. It delivers all over India; however, selling is restricted to 14 cities including Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Ahmedabad, Pune and Bangalore, among others.
CoutLoot was founded in November 2016 by Mahima Kaul, Sahil Khimavat, Vinit Jain and Jasmeet Thind. In June 2016, the company received seed funding from Venture Catalysts.
Last week, CoutLoot was selected by Facebook Inc for its FbStart programme. The startup will be part of the social media giant's developer-focused programme, which is designed to help early-stage mobile-focused startups build and grow their apps.
CoutLoot competes with Zapyle, Envoged.com, Elanic and Etashee, all of whom cater to the luxury fashion space. These ventures are trying to replicate the success enjoyed by international players such as Poshmark, Secoo and Glambot. They rely on the growing middle class' aspiration of owning premium, luxury brands.