Bengaluru-based Styched, a fast-fashion ecommerce startup, has raised an undisclosed amount in a seed funding round from angel investors.
The fresh funds will be used to hire talent, improve marketing, and open its first overseas office, the company said in a statement.
Anjan Dutta, a former executive at Educomp, Iqbal Ahmed, chief human resources officer at Capillary Tech and other investors participated in the funding round.
Operated by Sensedynamic Fashions India, Styched is led by Soumajit Bhowmik, the former head of ecommerce at Capillary Technologies.
The company was founded in February 2019 and primarily targets millennials in the age group of 16-30 years. It now plans to incorporate digital marketing and influencer strategies to grow its user base.
The round was raised at a valuation of Rs 16 crore, the statement said.
Apart from Soumajit, the core team comprises Saswata Banerjee (chief technology officer) and Sony Bhowmik (leading customer service). A few other industry veterans are set to join the team this quarter, the statement added.
"I sincerely believe that Styched is well on its way to create a true fast fashion brand while using technology and machine learning to enable a brand ecommerce without incurring losses," said Ahmed.
Bhowmik claims that Styched's orders have grown from 20 in February 2019, to more than 5,000 in September 2019, and is growing at more than 60% month-on-month. According to Bhowmik, Styched has been profitable since day one, and the team plans to raise the next round by May-June 2020.
The funding reflects the growing interest in the millennial fast fashion space in India. Millennials, people between 18 and 35 years of age, make up about 34% of India’s population. Its access to social media coupled with a high disposable income has made this demographic a prime target for fashion etailers. Other fast fashion platforms in India include Myntra, Koovs, Voonik and Limeroad.