Former Myntra, H&M executives launch retail tech platform Confluxe with $1.6M pre-seed funding
Confluxe stated that the newly raised capital will be allocated toward launching its initial brand partnerships, developing its technology and data infrastructure, and expanding its workforce across brand operations, commerce, and growth.
Retail technology startup Confluxe, founded by former executives from Myntra and H&M, has launched its operations after securing $1.6 million in pre-seed funding. The funding round was led by Wavemaker Partners, with participation from co-investor Kriscore Capital.
Confluxe operates as a platform designed to assist international fashion and lifestyle brands in entering and scaling within the Indian market. The company provides integrated services encompassing market entry strategy, digital commerce, data-driven merchandising, and localised supply chain operations.
The company was established by Rajesh Narkar, a former executive at Indian ecommerce platforms Myntra and AJIO, and Louis Coucke, a former executive at H&M India. The founders intend to target a structural supply-side gap in India's $130 billion fashion market.
According to Wavemaker Partners, premium and global brands currently account for approximately 12% of the Indian market, compared to roughly 30% in mature markets such as the United States, Europe, and China. The platform would create a new pathway for high quality international brands that are well loved in their home markets but not yet present in India, enabling them to enter and scale in a capital efficient way while giving India’s increasingly sophisticated consumers access to a broader set of global brands previously dif icult to discover locally
Confluxe stated that the newly raised capital will be allocated toward launching its initial brand partnerships, developing its technology and data infrastructure, and expanding its workforce across brand operations, commerce, and growth.
“One of the biggest opportunities in India’s fashion market today lies on the supply side. While consumer demand for global brands continues to grow rapidly, the infrastructure required to bring those brands into the market and scale them ef ectively is still evolving. At Confluxe, we are focused on building that supply layer by combining technology, commerce, and local execution into a single operating platform," shared "Rajesh Narkar, Co-Founder and CEO, Confluxe in a press note.