StylFlip, an online marketplace for pre-owned fashion products and accessories, has today raised an undisclosed amount of funding in its seed funding round from angel investors Raj Gala Shah and Zaheer Memon.
The money raised in this seed round will be mainly used by the company to further develop its platform. It will also spend money for marketing efforts. Interestingly, the portal was launched just a couple of weeks back and has already raised funding. Since launch, the app has seen 500 downloads and 300 product listings.
The portal, which was founded by Zarik Nabi and Kim Pandit, is a marketplace where like minded women can discover a fashion community through closets of those around them.
They can buy, sell and show-off their style, make money from unused items in their closet and get affordable access to high street and luxury fashion brands. It allows users to buy or sell pre-owned branded and premium goods at a marked down price.
Stylflip hopes to re-define the way people consume fashion and provide access to trendy, high fashion and luxury brands.
The app based platform, which is available on Android and iOS, allows sellers to upload pictures of item to be sold which is then authenticated and sanitized by StylFlip before displaying them on the platform.
Zarik Nabi, co-founder of the platform, said,
The app is seller-centric, making it easy for women to turn into entrepreneurs using their unwanted buys into cash generators to fund their next purchase.
As per the company, it is aiming to solve the adage that most urban women have today of not having anything to wear or having to repeat their clothes for that all important occasion.
It is also planning to introduce a feature which will allow people to donate their unused clothes to various NGO’s.
The company is hoping to make transition into a rental or subscription model with value added services, thereby getting a step closer to their vision of creating a virtual wardrobe.