Mumbai | Location-based mobile fashion platform Fashalot has received Series-A strategic funding led by YourNest Angel Fund and marquee investor Rahul Garg for an undisclosed amount.
The company said it will invest the fund in product development, top talent and accelerating its business growth. Operational in Delhi-NCR and Bengaluru, the brand aims to aggressively ramp up operations in new cities by the end of this year, it said in a statement.
We are on track to be the largest online-to-offline location-based fashion discovery network in India and the capital raised will contribute significantly for us to achieve this goal, Amit Koshal Founder and CEO of Fashalot said.
The startup connects shoppers with offline stores through its horizontal network effect platform. It claims to have driven over 15,000 people to partner stores in March with over 30 per cent repeats.
Fashion retail market in India stands at more than USD 100 billion and there are over 12 million brick-and-mortar stores in the country, according to industry estimates.
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