Hyperlocal fashion commerce portal Yufta, run by RKT Lifestyle Pvt Ltd, has raised an undisclosed amount of money in pre-Series A round of funding from Ajay Data of Data Infosys Ltd, and a group of Mumbai and Dubai-based high net-worth individuals (HNIs).
The new capital will be used for technology development and expanding to Delhi, Bangalore and Mumbai in the next six months, co-founder Ritesh Khandelwal told VCCircle.
As a part of the investment, Data will be joining the board of the company.
In the fashion e-commerce segment, last month, fashion e-tailer StalkBuyLove raised an undisclosed amount of funding from 500 Startups, Germany-based venture fund Littlerock, early-stage VC fund Singularity Ventures and others. Voonik had raised $5 million (Rs 32 crore) in its Series A round of funding from Sequoia Capital and Seedfund in June 2015. LimeRoad.com, in March last year, raised $30 million in Series C round of funding from Tiger Global and existing investors Matrix Partners and Lightspeed Venture Partners.
“Yufta curates fashion and has an omni-channel approach, wherein we aggregate local shops as well,†said Khandelwal. “Data will be helping us with his technology expertise to develop the company further.â€
Data had earlier invested in Jaipur-based Blue Box Media Pvt Ltd.
Jaipur-based Yufta was founded in 2013 by Ritesh Khandelwal, Ravi Khandelwal and Tarun Sharma. Ritesh Khandewal has a masters degree in computer science and has seven years of work experience in product management and technology while Ravi Khandelwal, a qualified chartered accountant, has earlier worked with Hettich International and Fortis Healthcare. Sharma has earlier worked with MTS.
The company claims to have a gross merchandise value of Rs 6 crore in the past one year, and claims to have shipped more than 1 lakh units till now. At present, Yufta has 12 shops in Jaipur.