Bangalore-based Intrepid Online Retail Pvt Ltd which runs Styletag.com, an online curated fashion and lifestyle startup, has raised Rs 50 crore ($7.5 million), from property firm Embassy Group‘s chairman Jitu Virwani, according to a press release. Virwani invested in his personal capacity.
The startup will use the funding for its expansion plans, hire talent and to acquire more private label brands.
“Similar investments have been carried out in the past from my end into projects that have been extremely fruitful. I find the start-up e-commerce space a very exciting one and it is an extremely dynamic and upcoming market. Through similar investments, I want to
encourage players in the start-up space,” said Virwani.
Founded in 2012 by husband-duo Sanjay & Yashodhara Shroff along with three others- Vivek SP (10 years of IT experience with Infosys), Prashanth HN (one of India’s leading technology bloggers) and Soujanya Sreenath (software engineer and web designer), Styletag is a marketplace for luxury apparel. It has multi designer and in-house brands and offering up to 70 per cent discounts on designer products.
Yashodhara and Sanjay Shroff had also started ffolio, a multi-designer luxury store in Southern India, in 1991.
“Technology innovation has always been at the forefront of our business. While we have grown exponentially since our launch, we are committed to inspiring our customers with superior lifestyle, through an engaging and enriching experience and by being ahead of the curve in the lifestyle and fashion segment,” said Sanjay Shroff, founder & CEO, Styletag.com.
Styletag.com aims to scale up to 100 omni-channel models across major cities of the country by next couple of years. The company is also looking to have its gross merchandise value of up to Rs 70 crore by the end of this year.
Virwani has over two-and-a-half decades of experience in real estate and property development sector. In his role as chairman and MD of Embassy Group, he handles the over-all management of the company. Virwani is also a member of the Young Presidents Organisation and a member of the Equestrian Federation of India.
Embassy Group, a real estate and construction company, develops the commercial, residential, retail and hospitality segments of the real estate industry.
Fashion e-commerce space has seen lots of investments this year. Most recently, POPxo, a women-focused lifestyle and fashion content portal, has raised nearly $2 million in series A funding from IDG Ventures India and Kalaari Capital. The other players in the space include Jabong, Koovs, FashionAndYou among others.
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