Delhi-based StyleDotMe, which operates an augmented reality-based fashion-tech startup, has raised a bridge round of funding from the Indian Angel Network (IAN).
In a statement, the company said that the bridge round of funding was led by IAN investors Ambarish Raghuvanshi (former CFO at Info Edge), Ajay Gupta (head of strategy and marketing, Ericsson India), Hari Balasubramanian and Deval Tibrewalla (CEO at Polo Towers Group).
The round also saw the participation from former Google country head Rajan Anandan, who is also associated with the IAN.
The company will use the funds to ramp up operations, strengthen its team, acquire customers and expand to more regions, the statement added.
Besides, the funding will also be used to launch the business-to-consumer version of its patented Augmented Reality tech product mirrAR for the global market.
“Jewellery retail in India is an extremely fragmented market. The majority of stores are single stores across the country, with only a handful of regional brands having multiple outlets across states and catering to a pan-India consumer base,” said Meghna Saraogi, co-founder at StyleDotMe.
Prior to this, the company had secured an undisclosed sum in funding from the IAN as part of its Small Ticket Funding programme in early 2016.
Founded in January 2014 by Saroagi and Akhil Tolani, Styledotme started off as a fashion app that helps users make quick and instant fashion decisions through their network of friends and followers along with expert advice.
In 2018, it pivoted to a business-to-business model. In its current form, the company’s AR-based platform mirrAR helps customers try on jewellery designs without having to actually wear those. The platform mimics a typical consumer experience of trying out a piece of jewelry and looking into an actual mirror.
The company claims to have tied up with more than 60 retailers in 17 cities all across India that include Tanishq, PC Jewellers, Amrapali and Farah Khan.
Recent deals in fashion-tech
- April 2019: India- and US-based Mad Street Den Systems Pvt. Ltd, which runs a retail automation platform under the brand Vue.ai, raised $17 million (around Rs 119 crore) in a new funding round led by New York-based hedge fund Falcon Edge Capital.