LDU Raises $300,000 Pre-Series A Funding From Titan Capital, Sequoia Capital And Others
The startup will use the funds to refine the tech product, build the leadership team and significantly scale up the business
LDU (LetsDressUp) announced on Monday to have raised a $300,000 pre-Series A round of funding from Titan Capital and other marquee groups of investors. The funding saw participation from Sequoia Capital, Lykke Capital, Hauz Khas Ventures, Sweta Rau (a serial investor across multiple startups). The existing investors including Kaushika Madhavan (managing partner and country head, Kearney India), Abhishek Malhotra (senior partner, Mckinsey & Co.), Anshuman Maheshwary (COO, IIFL Wealth & Asset Management), Saurabh Singh (senior partner, Kearney India), Gautam Midha (VP, Blackwatch) also participated in the round.
The startup will use the funds to refine the tech product, build the leadership team, and significantly scale up the business.
"To have been backed by the top industry leaders who understand our business and have a keen interest in new-age technologies is altogether an excellent motivation for our business. We are looking forward to strengthening our team and building and redefining our tech product to satisfy our customers' needs. The journey ahead looks much exciting as we are a step closer to our vision to create India's own Stitch Fix," said Aditya, co-founder, LDU.
LDU is a D2C brand empowered by technology. For the users, LDU provides a platform where they can get outfits of their size and their style with the click of a button. In fact, the users also have the option of choosing their size from India's size chart, a proprietary sizing chart perfected by LDU after dressing up ~1500 Indian women. On the other hand, LDU enables the execution by digitizing the entire supply chain through an app for the supply-side partners, which improves the efficiency significantly.
"LDU has set a mission for themselves to provide personalized clothing clothes by leveraging technology to meet the needs of its customers. They aspire to give India its own version of Stitch Fix. We are extremely excited to have partnered with LDU and are looking forward to the journey ahead," shared Bipin Shah, partner, Titan Capital.
LDU is going after a large opportunity (over $10 billion) to provide personalized clothing (your style, your size) to usersat scale. The startup solves this by building D2C brand(s), empowered by a horizontal end-to-end tech stack at the backend. Hence, building India's version of Stitch Fix.
"LDU is establishing itself as key player in the Indian market. They are committed to solving the problem of Indian women basically from urban regions to provide them with the perfect size and style of the outfit with the help of technology. I am happy to have been associated with such an innovative platform since inception," added Kaushika Madhavan, managing partner and country head, Kearney India.