Yes, that’s right. A social network which brings out that obsession for fashion within you, Hyderabad-based, ‘fashion social network’ VioletStreet has now secured an INR 2 crore ($320 K approx.) Angel round via numerous individual investors.
Angel investors include Mr. Venkat Vallabhaneni, Serial Entrepreneur and Former Senior VP of Bank of America with participation from Mr. Srinivasa Rao Paturi, Former CEO, Energy Leader Batteries India Ltd and other investors.
VioletStreet, is in fact, the one-stop solution for all you fashion addicts out there. It actually is a community of fashion-obsessed users, who mix and match and create custom looks by putting together fashion products from various sites.
The company will utilize the funds to scale the technology, grow its team and increase its reach in the Indian market. Post funding, Mr. Venkat Vallabhaneni and one other investor will join the board of the company. Sudhakar Reddy, Founder and CEO of Abhibus.com, will also join the company as a mentor.
Lead investor, Venkat Vallabhaneni opined,
We believe that fashion will be the key driver in the ecommerce growth story in India by 2015. We believe in the founders’ ability to build a strong team and technology around their idea.
The website claims to have a collection of over 3000 customised every month, created by its community fashion addict users.