Lifestyle ecommerce startup Mayfair raises $3.2M from Nexus Venture Partners, CDH Investments
Lifestyle ecommerce brand Mayfair has raised $3.2 million in seed funding from Nexus Venture Partners, and CDH Investments.
It was started in October 2018 in Gurugram by former senior executives from ClubFactory, and Alibaba. Chi Xue was Data Science Head at ClubFactory, as well ex-Google, while Eddie Deng was Director at Alibaba. Mayfair helps people to do away with high prices because of layers of distributors, sellers, and brand premium. The company says on its website that it partners with factories that work with top global brands. So a shopper on Mayfair is directly purchasing products designed and manufactured in top factories.
Mayfair offers products including clothing, accessories, and home & living merchandise. The company says in a statement that Mayfair derives costumer’s demand trends using data science and artificial technology on its platform. The Gurugram-based startup will use the funds to ramp up procurement, operations, and to expand the team.
In a statement, Chi Xue, Co-founder, Mayfair said,
“Unlike other traditional fashion brands, Mayfair uses big data to translate user demand along with lifestyle trend into actionable signals, so our suppliers are able to turn them into unique design with good quality in a short turnaround time."
The company stated that India’s unstructured commerce market is very large and that the majority of Bharat is consuming unstructured products in lifestyle categories from local vendors without a brand tag. Mayfair says that it wants to provide a high quality, affordable range of products in that category for these consumers.
Pratik Poddar, Vice President, Nexus Venture Partners, said, “We are very excited to partner with Chi and Eddie. Mayfair’s data-driven approach will enable making fashion affordable to the masses. We were very impressed that the founders were able to build an exceptional team across dimensions: data, tech, design, operations, and supply chain.”