Fashion e-commerce enabler Zoomtail raises seed funding
Bengaluru-based Zoomtail Technologies Pvt. Ltd, which offers e-commerce enabler solutions for fashion retailers, has raised an undisclosed sum in a seed round of funding led by Matrix Partners India.
In a statement, the investment firm said that the round saw other investors including US-based seed-stage investor V1 Capital, MakeMyTrip product chief Anshuman Bapna, Freecharge founder Kunal Shah and Curefit business head Shamik Sharma.
The latest round of infusion will be utilised for expanding the team, ramping up the technology platform as well as for expanding customer base and network reach, the statement added.
“We believe that India’s retailers can play an integral role in serving consumers in the right fashion selection at the right cost-to-serve including logistics and returns...” Rajinder Balaraman, director at Matrix India, stated.
Zoomtail was founded by Varun Jain and Swadesh Srivastava in 2018. The company provides a chat-based platform for small fashion retailers to discover the latest fashion trends, purchase inventory and helps create an omni-channel experience for retailers.
This, in turn, will help small fashion retailers’ consumers with the right fashion selection at the right cost by blending the offline and online experiences, according to information available on its website.
“Our vision is to enable fashion SMEs (small and medium enterprises), and people working in them, by giving them easy-to-use tools to be more effective and expand their business,” Jain and Srivastava said in the statement.
An alumnus of IIT Kanpur and Stanford Business School, Jain has previously worked in firms including recruitment tech company Vahan, fashion e-tailer Myntra and Boston Consulting Group. Srivastava is an alumnus of IIT Madras & University of Minnesota and has worked in Flipkart, Apple and Intel.
Last year saw a number of funding deals in the e-commerce-enabler space.
In July 2018, Singapore- and Pune-based Anchanto raised $4 million (Rs 27 crore) as part of the first close of its Series C round.
In June 2018, venture capital firm Saha Fund made a new bet in e-commerce enabling platform Shoptimize India.
In March 2018, VCCircle reported that Eunimart, an artificial intelligence-based platform for cross-border e-commerce, raised an undisclosed amount from Agility, a Kuwait-headquartered publicly-traded global logistics company.
In January 2018, Delhi-based BigFoot Retail Solutions Pvt. Ltd, which operates e-commerce-enabler KartRocket.com, raised Rs 26.64 crore ($4.1 million) in a fresh round of funding from existing investors, a person in the know told VCCircle.