Startups Money

Apparel renting portal Klozee raises seed funding from TracxnLabs

6 Aug, 2015

VCCircle_Klozee, an online platform which rents out designer apparels, has secured an undisclosed amount in seed funding from startup incubator TracxnLabs and other unnamed angel investors.

Bangalore-based Klozee will use the funds to venture into Mumbai and Delhi within a month.

"We are enabling women to wear something new and fashionable every time they go out without having to spend a fortune," said Aman Haji, co-­founder and CEO of Klozee.

Klozee, which is operated by Humble Egg Technologies Pvt. Ltd, offers a detailed catalogue of clothes from a number of brands and designers. The company claims that its dress can be rented at one-tenth of the retail price. Currently, the website only features a range of premium women's wear.

Klozee's online platform provides users with two rental options—an 'express' delivery in which the dress is delivered within three hours and a 'book for later' option where the chosen dress is shipped on the desired date and the user keeps it for four days.

Klozee was founded by Haji, Pratik Moona and Prashant Jain a moth ago. Haji and Jain previously worked at Fractal Analytics, a data analytics company, while Moona was associated with Goldman Sachs before launching Klozee.

"Klozee is disrupting the luxury apparel market by making it more accessible. Consumers are deriving more value through experiences, rather than ownership," said Jain.

The startup is based in Bangalore and also fulfils select orders in other cities. It is planning to expand operations to Mumbai and Delhi within a month.

"We are moving towards a sharing economy across multiple segments. Seldom used expensive assets like premium apparel is one among them. Taking this to the next level is Klozee's option of delivery premium apparel within three ­hours. This got us very excited," said Neha Singh, founder of TracxnLabs.

TracxnLabs, is a startup incubator from data analytics firm Tracxn, which serves as a research platform for private market investors.  TracxnLabs is backed by Flipkart co-founders Sachin Bansal and Binny Bansal, and Deepak Singh of Anzy Careers.

TracxnLabs invests across consumer, enterprise and tech sectors. Its portfolio companies include StayGlad (mobile marketplace for beauty services), Parcelled (on­-demand logistics), Elanic (C2C fashion marketplace), ZenRadius (network hiring platform) and Opinio (on­-demand hyperlocal delivery).