Fashion ecommerce startup GetNatty raises seed round
Vadodara-based fashion focused ecommerce startup GetNatty DesignTech has raised an undisclosed sum in a seed funding round led by a clutch of angel investors.
Abhay Kumar, chairman and managing director of real estate firm Grihapravesh Buildteck, former Indian Revenue Service officer Binod Choubey and Edupedia co-founder Parth Patel led the round, said a company statement. Patel had invested an undisclosed sum in the startup in 2017.
Feroze Sethna, managing partner of Feroze Foods, also participated in the seed round.
The company will use the funds to develop its technology arm and explore new revenue streams.
GetNatty is primarily a marketplace for local designers and designer wear. It also offers an artificial intelligence (AI)- enabled personal stylist and plans to use predictive analytics and business intelligence to help designers on the marketplace.
The company has appointed Sandeep Bhargava, CEO at Purple Pebble Pictures, to its board of advisors. Bhargava will mentor the founding team and help the startup scale operations.
“We will continue to experiment and bring in new revenue formats, be it in the form of new business channels, fashion events, geographies and product launches which will add real value to the fashion community in India,” Kaizad Hansotia, CEO and founder of GetNatty, said.
Hansotia, former CMO at edtech platform Skolarly, started GetNatty in 2015. The platform claims to have over 200 designers across 20 cities and is in the process of onboarding another 1,000 designers over the next year.
GetNatty is among the new entrants in the fashion-focused ecommerce segment that have been trying to find their feet in a market dominated by players such as Flipkart-owned Myntra-Jabong.
The segment has witnessed some consolidation recently.
Earlier this week, Reliance confirmed that it would acquire an 87.6% stake in online fashion marketplace Fynd. The Google-backed startup also operates retail outlets called the Fynd Store.
Fashion platform Purple Style Labs acquired Pernia’s Pop-Up Shop (PPUS), a multi-brand ecommerce website, for an undisclosed amount. With this acquisition, Purple Style Labs aims to build an omni-channel platform for fashion.