Ex executive of Zomato & Myntra founder's Lyskraft grabs $26 million
Lyskraft, a startup in the fashion industry that operates across multiple channels, was founded by Mohit Gupta, a former senior executive at Zomato, and Mukesh Bansal, the founder of Myntra. The company has successfully raised $26 million (approximately Rs.216 crore) in a seed funding round, with Peak XV Partners leading the investment.
According to the media report, this new capital will support the company's strategy to establish an omnichannel platform for premium brands, beginning with women's fashion and later branching out into other lifestyle segments.
Bansal and Gupta were said to be finalizing a $50 million Series A funding round last year, with investors including Peak XV Partners and Accel, valuing the company at $100 million post-money.
The startup is in direct competition with Newme, Absolute Brands, Snitch, Styched, and Virgio, among various other competitors.
This round is also significant as it represents one of the largest early-stage funding rounds for an Indian startup during a period of ongoing funding constraints.
This round is also significant as it represents one of the largest early-stage funding rounds for an Indian startup during a period of ongoing funding constraints.
Bansal, renowned for his vast expertise in the field of ecommerce, has also made an investment in Virgio, a fashion platform that specifically caters to the Gen Z demographic. This platform is spearheaded by Amar Nagaram, a former executive at Myntra.
Gupta departed from Zomato in 2022, after serving as the CEO of the company's food delivery division and later transitioning to the position of co-founder in 2020. This change coincides with the increasing emphasis on Gen Z consumers by different ecommerce companies, as seen with Flipkart's launch of SPOYL, a fashion segment within its application specifically designed for this demographic.
In the meantime, Myntra has introduced FWD, a specialized fashion platform with the objective of captivating 10 million Gen Z users within the upcoming two years.
During the earlier part of this year, Newme, a fashion and apparel startup targeting Gen Z, secured seed funding of Rs.45 Cr (approximately $5.4 Mn). This funding round was led by venture fund Fireside Ventures, with the involvement of AUM Ventures, 2AM Ventures, and Allin Capital.
As per the report,the fashion and apparel sector in India, as indicated in the 'State of Indian Ecommerce, Q2 2023' report, achieved a valuation of $20 billion in 2022. It is forecasted to grow significantly, reaching $112 billion by 2030. This sector is expected to make up more than a quarter of India's $400 billion ecommerce market
According to the media report, this new capital will support the company's strategy to establish an omnichannel platform for premium brands, beginning with women's fashion and later branching out into other lifestyle segments.
Bansal and Gupta were said to be finalizing a $50 million Series A funding round last year, with investors including Peak XV Partners and Accel, valuing the company at $100 million post-money.
The startup is in direct competition with Newme, Absolute Brands, Snitch, Styched, and Virgio, among various other competitors.
This round is also significant as it represents one of the largest early-stage funding rounds for an Indian startup during a period of ongoing funding constraints.
This round is also significant as it represents one of the largest early-stage funding rounds for an Indian startup during a period of ongoing funding constraints.
Bansal, renowned for his vast expertise in the field of ecommerce, has also made an investment in Virgio, a fashion platform that specifically caters to the Gen Z demographic. This platform is spearheaded by Amar Nagaram, a former executive at Myntra.
Gupta departed from Zomato in 2022, after serving as the CEO of the company's food delivery division and later transitioning to the position of co-founder in 2020. This change coincides with the increasing emphasis on Gen Z consumers by different ecommerce companies, as seen with Flipkart's launch of SPOYL, a fashion segment within its application specifically designed for this demographic.
In the meantime, Myntra has introduced FWD, a specialized fashion platform with the objective of captivating 10 million Gen Z users within the upcoming two years.
During the earlier part of this year, Newme, a fashion and apparel startup targeting Gen Z, secured seed funding of Rs.45 Cr (approximately $5.4 Mn). This funding round was led by venture fund Fireside Ventures, with the involvement of AUM Ventures, 2AM Ventures, and Allin Capital.
As per the report,the fashion and apparel sector in India, as indicated in the 'State of Indian Ecommerce, Q2 2023' report, achieved a valuation of $20 billion in 2022. It is forecasted to grow significantly, reaching $112 billion by 2030. This sector is expected to make up more than a quarter of India's $400 billion ecommerce market
.jpg "Radiance Renewables: Driving Sustainable Inno-vation in India's Renewable Energy Landscape")
