Peak XV leads $26M round in Lyskraft
Startup industry veterans Mukesh Bansal and Mohit Gupta's new venture, women's apparel retailer Lyskraft, has raised a seed funding round led by Peak XV Ventures.
Lyskraft, the Gurugram-headquartered omnichannel fashion and lifestyle platform, raised $26 million in a seed funding round led by , and , , and Partners of DST Global also participated.
Deep Kalra (former CEO and Founder of ), Rajesh Magow (CEO of MakeMyTrip), and Deepinder Goyal (CEO and Co-founder of ) also invested in the company.
Having built in stealth mode over the last few months by Zomato Co-founder Mohit Gupta and Founder Mukesh Bansal, Lyskraft offers a curated selection of over 15 women’s fashion brands and designers, with new designers added every week.
The startup recently launched a premium pop-up store at Ambience Mall in Gurugram and will also retail its collection online, it said in a statement.
“The future of retail is omnichannel, especially for categories like premium fashion, where touch, feel. and experience of the actual product are key to consumer choice in the category,” said Gupta in the statement.
He added, “India’s deep roots in fabrics, craft, creative heritage, and manufacturing strength also puts us in a unique position to play a large role on the global stage.”
While Gupta will lead the startup as co-founder and CEO, Bansal will be a strategic advisor to the business besides being the co-founder.
Lead investor Peak XV has previously backed Chennai-based Go Fashion, making 16X returns in 2023 after selling its remaining stakes in the publicly listed women’s apparel maker.
“At its core, venture investing is about partnering with India’s best entrepreneurs to build generational companies. We are excited to work with Mohit, who has seen two ideas to IPO journeys – MakeMyTrip and Zomato, on the vision to build Lyskraft as a category-defining fashion and lifestyle company,” said Mohit Bhatnagar, Managing Director at Peak XV, in a statement.
Edited by Suman Singh