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Luxury Brands Smytten Secures $1.5m from Roots Ventures

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Team Startup CityGurugram-based premium and luxury brands startup Smytten has raised $1.5 million from Root Ventures in a fresh funding round. Roots Ventures is already an existing investor in the company and with this new infusion of capital by the VC firm, the total amount of funding raised by the startup has gone up to $3 million.

The business model of Smytten focuses on partnering with luxury brand in order to help them with a targeted sampling strategy in the country. An online discovery platform for premium brands and products, the firm curates offers for consumers as per their preferences.

Swagata Sarangi, the co-founder of Smytten said, “The amount raised will be used to expand our user base, infrastructure and our offline footprint. The next big thing is information plus experience. Our focus is on brand and customer interaction rather than e-commerce.”

Founded in 2015 by Siddhartha Nangi and Swagata Sarangi, Smytten claims to provide monthly sampling orders of one million to its customer from its Ahmedabad-based warehouse. The company now aims to open its new warehouses in Bangalore and Gurugram in the upcoming days.

Other than sampling, Smytten also has an e-commerce platform where it offers more than 500 premium brands under one roof. It now clocks an average 1.5 lakh monthly orders of INR 1500 each and has a monthly gross merchandise value (GMV) of $1 million. With the growth in the e-commerce segment, many people are now buying apparel online from homegrown brands like Happily Unmarried, The Souled Store, Chumbak and Bewakoof.

In 2016, Smytten raised an undisclosed amount from an angel investor; Rajan Anandan also received $200,000 in a seed fund round led by the ex-MD of Credit Suisse Asset Management India, Rimpal Chawla and the Co-founder & CEO of Livspace, Anuj Srivastava.