Innotarget Fashalot Retail Private Ltd. raised funds yet disclosed with help of YourNest Angel Fund and angel investor Rajul Garg. The company focuses on running location based fashion and store discovery mobile platform. The business dealing was done in a pre Series A funding round. All the investors accumulate to show interest on start ups. Fashalot grabbed the offer and raised fund of certain amount which is still not known. The fund will help in growth of the company along with employment as well as capital stability.
Fashalot a fashion based mobile app start up focuses on attracting customers around the globe. They can choose their choice of fashion and continue with it. Also, it can be operated off-line whilst attracting end-users. It solely focuses on B2C methodology. Currently the app is popular in metro cities like Delhi, Bengalore, NCR, etc.
Angel investor Rajul Garg said, ““The platform is playing a vital role in enhancing the revenue of brick-and-mortar retailers in India by providing them an omni-channel extension to their core business.” The investor is known to be the Director of Sunstone Business School and co-founder of a former company GlobalLogic.
Read: SoftCube Raises Funds
Apart from Innotarget Fashalot pvt. ltd. others fashion retail companies got investments. These included e-commerce web portal Yufta which deals in hyperlocal fashion. It was funded byAjay Data of Data Infosys Ltd, and a group of Mumbai and Dubai-based High Net-worth Individuals (HNIs). Also, Mumbai based fashion store Hippily Technology Pvt. Ltd. raised more than hundred thousand of amount in seed funding.
Till date many start up companies have able to raise funds accordingly.One of them is a personalised app for women WithMe which raised approximately $200,000 with the help of angel funding investors Alex Kuruvilla, MD of CondeNast India; Pradeep Guha, Former Head of Zee Group and BCCL. Along with them were Saket Dhankar, Head of Lakme Fashion Week as well as Rajan Pandhar, Serial entrepreneur and investor.
The respective Innotarget Fashalot fashion based retail app was founded by Amit Koshal, Amit Sharma and Rishi Batra in April, 2015 with its headquarters in Delhi and Bangalore. The app includes popular fashion brands like Meena Bazaar, Sabhyata,Private Lives, Delco, Arjay Agencies, Emdee Apparels, and so on.
According to Amit Sharma, Founder and CEO,“Several regional, national and international brands that have partnered with us owe almost 10 per cent of their monthly revenue to our disruptive mobile technology.”
Fashalot has a turnover of about 3000 crores INR due to its standalone shops and cumulative retail sales. It also confidently states will go high be time as most of the users are repeated customers.