StyleDotMe, a fashion startup which uses augmented reality to help customers choose and buy products, has raised an undisclosed sum of money from the Indian Angel Network and other angel investors.
Innov8 founder Ritesh Malik, Josh Talks founders Supriya Paul and Shobha Banga, and former Hero Corporate president Rohit Chanana also invested in this round, the IAN said in a statement on Friday.
“They [StyleDotMe] now solve a real, difficult problem for jewellery stores, which is the pain associated with trying out multiple items for customers and the economic costs of carrying inventory,” lead IAN investor Ambarish Raghuvanshi said. “With insight of this sort, they can migrate to creating deep use cases in other industries.”
Delhi-based Styledotme Fashion & Lifestyle Pvt. Ltd, which was founded by Meghna Saraogi and Akhil Tolani in 2015, said it would use the money to strengthen its core team, increase its presence across the country and source new clients.
The company says it uses its technology (called mirrAR) to help clients address inventory management and to provide customers with an interactive experience. “Through mirrAR, we will help every jewellery store across the world to enhance the customer experience and ultimately their brand presence,” Saraogi said.
StyleDotMe claims it has a clientele of over 60 retailers in 17 cities across the country, including Tanishq, PC Jewellers and Amrapali Jewels. The company said it aims to be present across most cities in the country and start building a global presence by 2020.
News of IAN’s investment in StyleDotMe comes just days after the investor group raised the targeted Rs 350 crore for its eponymous debut fund. However, it has the option to raise an additional Rs 100 crore. Limited Partners in this fund include state-run Small Industries Development Bank of India through its Startup Fund of Funds, Yes Bank and the US-based impact investment foundation Gray Matters Capital.
The fund has raised more capital from domestic investors as the IAN seeks to provide domestic money to local startups, IAN member Raman Roy said. “A lot of venture capital firms are still reliant on foreign money for our startups.”
