[Funding alert] AMJ Ventures invests $2M in Alia Bhatt-backed fashion-tech startup StyleCracker
Alia Bhatt-backed StyleCracker on Thursday said US-based investor AMJ Ventures has invested $2 million (about Rs 14 crore) into the company.
The fashion-tech startup will use the funds towards building further capabilities in machine learning and in strengthening its moat on the personalisation front, StyleCracker Co-founder and Managing Director Dhimaan Shah said in a statement.
"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 has grown rapidly since inception at a CAGR of over 150 percent, and is on track to grow the business over 250 percent this financial year, after its funding from AMJ Ventures," he added.
The rapid growth is complemented by healthy economics with the company turning profitable at a unit economic level, he said.
AMJ has previously invested in Indian startups like Avail Finance, a Bengaluru-based loan financing service; and Propelld, a company which provides finances for higher education courses. The firm already has multiple successful investments in the US, and is now looking at growing and expanding its portfolio in India.
Started by entrepreneurs Dhimaan Shah and Archana Walavalkar in 2015, StyleCracker is a Mumbai-based personal styling platform. The platform enables customers to share their data and detailed specifics with the company across several parameters with regards to their personal preferences across all fashion and beauty categories. StyleCracker’s proprietary technology platform then empowers its celebrity stylists to curate items of fashion, accessories and beauty tailored to each customer’s preferences and budget. The items are then shipped to thousands of customers across the country on a daily basis.
Anish Patel, Founding Partner at AMJ Ventures, said,
"Style cracker has shown great potential. The business has successfully maintained a low exchange and return rate which is nearly 1/3rd of what ecommerce sites have. The business is also supported by a great learning algorithm. Glad to partner and accelerate the growth of StyleCracker, with value proposition to make fashion accessible to India at large as the platform democratises personal styling".
(Edited by Megha Reddy)