Styledotme Fashion and Lifestyle Pvt. Ltd, which operates fashion-technology company StyleDotMe, has raised Rs 3.5 crore ($467,761) in a pre-Series A funding round.
The round has been led by Survam Partners, the family office of Hero MotoCorp’s Suman Kant Munjal. Other participants include Jewlex India director Bobby Kothari and existing investor Indian Angel Network (IAN).
Delhi-based Styledotme Fashion & Lifestyle Pvt. Ltd, founded by Meghna Saraogi and Akhil Tolani in 2015, says its augmented reality platform (mirrAR) helps jewellers sell products without the need for physical inventory.
The technology also has a real-time marker-less capability that allows consumers to try on products including rings and bracelets. The company says its platform also helps brands to increase leads and customer engagement.
It will use the capital it has raised to enter global fashion retail markets as well as scale its overall business.
“Through our product mirrAR, we are looking forward to revolutionising the whole shopping experience of a person through virtual and contactless try-ons,” Saraogi said. She added that the company is looking at capturing a 50% market share in locations including India, West Asia, and the United States (US) by 2025.
Survam Partners’ Akshay Munjal said the family office was confident of its investment because of StyleDotMe’s technological platform and the focus on changing the shopping experience for customers.
StyleDotMe says it will launch the product for eyewear and watch chains. Currently, it has partnerships with jewellers including Tanishq, Kalyan Jewellers, Senco, and HazooriLal Legacy.
The pre-Series A funding comes after the startup in May last year raised an undisclosed sum from the Indian Angel Network and other angel investors including Innov8 founder Ritesh Malik, Josh Talks founders Supriya Paul and Shobha Banga, and former Hero Corporate president Rohit Chanana.
At the time, the company said it would use the capital it had raised to strengthen its core team, increase its presence across India and source new clients.