Alia Bhatt-backed Start-up Will Utilise Funds to Provide Personal Style Concierges
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Alia Bhatt-backed fashion start-up StyleCracker raised $2 million from US-based investor AMJ Ventures, the company announced in a statement on 14th November 2019.
The start-up will utilise the funds towards developing its machine learning capabilities and strengthening its moat on the personalization front, Dhimaan Shah, managing director and co-founder of StyleCracker, said in a statement. He added the funds will also be used to build a strong pan-India presence and move even closer to being the stylist to every Indian.
StyleCracker was founded in 2005 by Dhimaan Shah and Archana Walavalker. The platform operates as a personal style concierge for individuals. It creates customized items including accessories and beauty products according to specific requirements.
Indian Fashion Tech Space
The landscape of Indian fashion industry has changed favourably and enormously in India over the years. With the digital boom, consumers have become more forward-looking towards fashion. Although the need for brick and mortar stores remains unchanged and irrevocable, fashion retail in India has seen a great rise over the years. According to Google India, the online Indian fashion retail market is likely to touch $35 billion by 2020 due to increasing Internet penetration and growing preference for online shopping.
Leveraging from this trend, Shah further added that with increased accessibility to information today, the consumer has become more discerning and aware of trends. They have highly evolved preferences, yet are sensitive to price points.
With digitization democratizing every service in the country from telecomm, especially thanks to Reliance's Jio, to e-commerce, fashion seems to be gradually catching up with the trend. And fashion retail seems to be the most obvious way to do so.