Online western non-casual wear brand Kaaryah has raised an undisclosed amount in pre-series-A funding from TV Mohandas Pai, Chairman of Manipal Global Education, and the Saha Fund. Earlier this year, the start-up had secured funding from Ratan Tata in his personal capacity.
Pai, who proposes to play the role of a mentor for the start up that Kaaryah, is an interesting concept that has brought in process, business and product innovation in the western wear segment.
Asked about the role he will play, “I play the role of the mentor in few start-ups (of all the investments that I have made) and Kaaryah
is special,” he said. He said with growing number of women entering the workforce and making key economic decisions, the segment has a huge potential for growth.
The start-up was launched in 2014 and caters to the Indian women consumers’ needs for formal western wear. In a bid to offer the best possible fit, it offers western wear in 18 different sizes which are based on extensive research on body types, lifestyles and fits of Indian women.
Kaaryah has achieved efficiency by leveraging technology to manage no-stocking delivery and has seen growth despite low marketing spends, he added. The market size of women’s western formal wear currently stands at about ₹100-150 billion. Nidhi
Agarwal, CEO and Founder, Kaaryah, said, “We will deploy the funds to scale-up our operations. These will be used for recruitments, automation, brand building and raw material sourcing.” She said that Kaaryah is serving over 3,500 orders in a month and also sells across marketplaces like Myntra, Jabong
Ankita Vashistha, Founder, the Saha Fund, added that the start-up is at the forefront of the “Fash-Tech” and has a business model driven by technology which is both sustainable and scalable.