Online curated fashion and lifestyle start-up Styletag.com has announced that it has raised around Rs 50 crore in angel funding from Jitu Virwani, Chairman & Managing Director, Embassy Group, in his personal capacity. Embassy is one of India's leading property developers with a track record of over three decades.
Styletag.com that makes luxury products accessible through the flash sale model, caters to fashionistas with an eye for style and avant-garde designs at affordable prices.The company will use the funds raised to further expand their range of private labels, acquire a medley of other designer brands, and strengthen their team to complement their capabilities. Sanjay Shroff, Founder & CEO, Styletag.com said,
“Technology innovation has been at the forefront of our business. While we have grown exponentially since our launch, we are committed to inspiring our customers with superior lifestyle, through an engaging and enriching experience and by being ahead of the curve in the lifestyle and fashion segment."
Jitu Virwani, said, “Similar investments have been carried out in the past from my end into projects that have been extremely fruitful. I find the start-up e-commerce space an exciting one and it is an extremely dynamic and upcoming market. Through similar investments, I want to encourage players in the start-up space.”
While drawing from wife Yashodhara and Sanjay Shroff’s 20+ years’ experience of founding and running multi-designer luxury store ffolio in the South, Styletag.com was created to trigger a liaison between the best of couture and affordable fashion and the people based in and around smaller cities across the country.
Styletag.com foresees scaling up to 100 omni-channel models across the major cities in less than two years and becoming a prominent player in the fashion segment. While its brick and mortar presence will aid in brand building, the company aims to aggressively retail through online commerce. The company is looking to establish its Gross Merchandise Value (GMV) of the equivalent of between Rs. 50 to Rs. 70 crore by the end of this year.
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