Gurgaon-based fashion portal Elitify is in talks with potential investors including Paytm for raising $2 million or about Rs 13 crore, people aware of the matter said. Elitify founder Amit Rawal confirmed that the company is looking to raise funds, but did not elaborate.
In an email to Paytm
,Rawal wrote that he is looking for $2 million in investment on the platform and has a "term sheet on the table". Rawal further said that he is looking for a partner who not only has access to capital but also deep technology and e-commerce expertise.
Elitify defines itself as a leading premium lifestyle website and offers apparel, handbags, shoes, accessories and beauty products for men and women from brands including Emporio Armani, Hugo Boss, Michael Kors, Vince Camuto, Guess, Aeropostale, Coach Furla, Ted Baker and Christian Dior. The portal also offers home decor products, audio and video, computers, phones, health and fitness goods and gaming accessories.
Alibaba-backed digital payments and e-commerce company Paytm was considering planning to foray into luxury products with an online and mobile e-commerce platform called Anasa.
Online marketplace Snapdeal
had last year acquired premium and luxury fashion website Exclusively.com that retails creations of leading Indian designers such as Manish Malhotra, Tarun Tahiliani, Rohit Bal, JJ Valaya and Ritu Kumar. Other portals that sell luxury and high fashion brands in India include Darveys and RocknShop.
Euromonitor International estimates that the Indian luxury goods market is expected to more than double in five years to Rs 39,000 crore by 2020 fromRs 16,300 crore in 2015, with annual growth of 19%.
, beauty products