Founded in 2015, the company connects customers with various retail shops in their neighbourhood the help of an app
Fashion discovery platform Fashalot has raised an undisclosed amount in pre-series A funding from Capillary Technologies. Whiteboard Capital & existing investors Your Nest Angel Fund and Rajul Garg also participated in the round.
The company aims to utilize these funds for building robust tech backbone, hiring talent and for scaling its user base.
Commenting on the development, Amit Koshal, co-founder & CEO of Fashalot said: “… we will mainly be using these funds to build even stronger technology, scale our user-base, and hire great new talent. Our focus will be on greater penetration in the Delhi-NCR and Bangalore markets by on-boarding more brands and new innovations in the app for a superior customer shopping experience.”
Founded in 2015, the company connects customers with various retail shops in their neighbourhood the help of an app.
“The fashion retail industry in India is pegged at USD 100+ billion, in which 98 percent of sales happen offline. USD 3 billion a year is spent on various marketing channels and Fashalot’s use of rich data customer analytics by capturing shopper’s intent to shop could help capture a substantial part of this market,” said Aneesh Reddy Co- Founder & CEO, Capillary Technologies.
Currently live in Delhi-NCR & Bangalore, over 5,000 plus marquee fashion stores are using Fashalot to drive incremental footfalls, enhance discovery, customers’ shopping experience and high conversions.
The startup claims to have saved its customers over Rs 5 crore till date and is generating 25 app sessions every month.