The company said it will invest the funds in product development, top talent and accelerating its business growth. Operational in Delhi-NCR and Bengaluru, the brand aims to aggressively ramp up operations in new cities by the end of this year, it said in a statement.
“We are on track to be the largest online-to-offline location-based fashion discovery network in India and the capital raised will contribute significantly for us to achieve this goal,” Founder and CEO, Fashalot, Amit Koshal said.
The startup connects shoppers with offline stores through its horizontal network effect platform.
Marquee investor, Rajul Garg said, “The platform is playing a vital role in enhancing the revenue of brick-and-mortar retailers in India by providing them an omni-channel extension to their core business. Fashalot is poised for exceptional growth thanks both to the potential of the space it is looking to tap and to the stellar team backing the business.”
It claims to have driven over 15,000 people to partner stores in March with over 30 per cent repeats.
Co-Founder & CFO, Fashalot, Rishi Batra said, “We have driven more than 15,000 people to our partner stores in March’16, and are getting stronger with our repeats (over 30 per cent now). The consumption trends we see are also helping us provide much more relevant information to our partner stores to make informed decisions about their existing stores and their plan going forward.”
Fashion retail market in India stands at more than USD 100 billion and there are over 12 million brick-and-mortar stores in the country, according to industry estimates.