[Funding alert] Fashion tech startup StyleDotMe raises Rs 3.5 Cr led by Survam Partners
Gurugram-based fashion tech startup StyleDotMe will use the funding to enter the global fashion retail market and scale its business.
Gurugram-based fashion tech startupon Monday announced that it has raised Rs 3.5 crore in a Pre-Series A funding round led by Survam Partners, with participation from Bobby Kothari, Director, Jewelex India as a strategic investor, and existing investor IAN (Indian Angel Network).
Meghna Saraogi, Co-founder and CEO, said,
“We truly believe that our product has the potential of reinventing how consumers shop in today's world and that conviction drives everything we do and we’re excited to have found a set of partners whose ideals align with ours. Their backing and experience will allow us to expand in the global market and we are looking forward to capturing almost 50 percent of the market share across the biggest jewellery hubs: India, the Middle-East, and the US by 2025.”
“Through our product mirrAR, we are looking forward to revolutionising the whole shopping experience of a person through virtual and contactless try-ons,” she added.
StyleDotMe’s augmented reality technology, mirrAR claims that it has revolutionised the jewellery industry by enabling virtual try ons in real time. With a client portfolio consisting of over 150 jewellers like Tanishq, Kalyan Jewellers, Senco, and HazooriLal Legacy, across 28 cities, mirrAR is now ready to enter the global market.
mirrAR helps jewellers sell without having any real physical inventory, over and above providing an experience for their customers both offline and online. While the offline in-store solution allows shoppers to virtually try-on jewellery and make selections in a contactless manner, the webAR solution facilitates try-ons for customers across the globe via their laptops/mobile phones.
Especially during this pandemic, where social distancing and sanitisation is the new normal, mirrAR said it allows brands to open up their digital stores and also give a safe experience to their customers across channels.
After adding value to the Jewellery industry, mirrAR by StyleDotMe is all set to launch for the eyewear and watches industry, the company added.
Akshay Munjal from Survam Partners shared,
“Meghna and the team have an in-depth understanding of the challenges that the retailer community faces today and the need-gap that exists from a shopper's lens. Their customer-centric approach to innovation and that passion to revolutionise the industry is what has drawn us to StyleDotMe.”
According to a report by Gartner Inc, 100 million users will shop in AR online and in-store by the end of this year. In India, the augmented reality market is estimated to grow to $5.9 billion and virtual reality to $0.5 billion by 2022.
Edited by Saheli Sen Gupta