[Funding alert] LetsDressUp raises $300K in pre-Series A from Titan Capital, Sequoia Capital, others
The Gurugram-based startup said it will use the funds to refine its tech product, build the leadership team, and significantly scale up the business.
LDU (LetsDressUp), India's version of the Stitch Fix platform, on Tuesday said it raised $300,000 in a pre-Series A round from Titan Capital and other marquee groups of investors.
The funding saw participation from Sequoia Capital, Lykke Capital, Hauz Khas Ventures, and serial investor Sweta Rau. 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 said it will use the funds to refine the tech product, build the leadership team, and significantly scale up the business.
Aditya Balani, Co-founder, LDU, said,
"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."
Founded by husband-wife duo Aditya Balani and Drishti Anand, 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.
LDU also enables the execution by digitising the entire supply chain through an app for the supply-side partners, which improves efficiency significantly.
Bipin Shah, Partner at Titan Capital, said,
"LDU has set a mission for themselves to provide personalised clothing 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."
LDU is selected by Lightspeed Venture Partners among the top 17 startups (out of 1200+ startups) from Southeast Asia for 2021. The startup claims to have been growing at 25 percent monthly with positive unit economics, retention metrics, and a return rate of less than 1 percent.
Kaushika Madhavan, Managing Partner and Country Head, Kearney India, said,
"LDU is establishing itself as a 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."
Edited by Suman Singh