Fashalot, an online shopping discovery platform, has raised an undisclosed amount of funding in its seed round from YourNest Angel Fund and Rajul Garg.
With the new cash coming in, Fashalot is now planning to hire top-level people. It is also going to spend amount for product development and to accelerate growth of its business.
It is currently operating in Delhi, Gurgoan and Bangalore only. However, it is now planning to expand its operations to various other cities across the nation.
The company, which claims to be the India’s first location discovery shopping platform, was launched in 2015 by Amit Koshal, Rishi Batra, and Amit Sharma.
Fashalot is orchestrating the unstructured fashion market in India and aims to give an edge to offline stores and bring them an incremental footfall with an omni-channel presence.
Through its platform, user can discover the finest labels in apparel, footwear and accessories available at the best prices in town as per users location. It gives users a chance to select what to buy in a single swipe of the touch screen while retaining the ‘real’ shopping satisfaction of trying for size and style before buying.
The “Check-In” feature helps users save some extra money each time they shop. It helps the app to identify when the user has visited the store and gives additional incentives. With “Follow” functionality, user can follow stores she/he love and the app will keep user posted each time the brand/store announce a new collection or sale.
It has partnered with multiple brands and retail stores like, Meena Bazaar, Sabhyata, Private Lives, Delco, Arjay Agencies, Emdee Apparels and many stand alone shops. Its app has been downloaded over 60,000 times so far.
As per the company, it has been able to drive over 15,000 people to their partner stores during March 2016 and are receiving over 30% repeat customers.
Commenting about the startup, 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.
Girish Shivani, director at YourNest Angel Fund, said,
The team has demonstrated week on week growth across key metrics including customer engagement, traction and retention.
There are many fashion discovery portals in India who have raised significant amount of funding, which includes Roposo, Voonik, Wooplr, among others.