Fashion Styling Platform StyleCracker gets Rs 6 crore in funds from HNIs
StyleCracker, a Mumbai-based fashion styling platform that offers personalised fashion experience to users, has raised $1 million (about Rs 6 crore) from four high net worth individuals in its first round of funding.
The two-year-old venture will use the funding on tech development and for taking the platform to global markets. StyleCracker uses intelligent user data to give personalised styling recommendations through live chats with a team of stylists. Users can buy the recommended 'looks' and brands on the site. "In the last two years, we have seen 1,00,000 registered users on our platform, and are targeting to have two million users in the next 12 months," said Dhimaan Shah, co-founder and managing director of the company.
Shah founded StyleCracker with Archana Walavalkar, a former employee of fashion magazine TheTradeBoss. StyleCracker is working with 200 brands, of which 50 are paying brands, said Shah, who earlier worked with luxury real estate company Isprava. The company is targeting a gross merchandise value (GMV) of Rs 35 crore by March 2016.
StyleCracker competes with online platforms such as Voonik and 20Dresses. Early-stage startup investor Malav Shah, who has invested in StyleCracker, said the idea and the team led him to invest in them.