Navo Secures Rs 8 Crore Seed Funding From IndiaQuotient
- AI-powered B2B fashion wholesale startup Navo raises Rs 8 crore seed funding from IndiaQuotient, Antler, and others
- Funds to scale retailer acquisition, boost AI trend prediction engine, and improve supply chain efficiency
- Navo serves 50,000 retailers across 250 districts, curating 5,000 fresh designs monthly with 50% repeat buys in 30 days
Navo, an AI-powered B2B fashion wholesale marketplace, has raised Rs 8 crore in a seed funding round backed by IndiaQuotient, and Antler. The round comes after the company received the initial support of DeVC, Bharat Founders Fund, and some angel investors.
The company stated that the new funds will be utilized for scaling retailer acquisition, enhancing its trend prediction AI-driven engine, and supply chain efficiency. Starring Suparn Goel and Anshul Singhal in the founders' roles, Navo is redefining the way tier-2 and tier-3 stores procure fashion-forward clothing.
At the heart of its business is an in-house AI engine that processes 10,000 YouTube videos and over 500,000 images per month to spot fashion trends before they make it to the masses. From a saree inspired by Alia Bhatt to a meme-influenced Mahakal T-shirt, the platform attempts to forecast demand with accuracy.
Navo now curates 5,000 fresh designs a month across the segments of sarees, suits, jeans, and T-shirts with the delivery timing between 7 to 10 days. The company says it has created a network of 50,000 retailers in 250 districts and sees 50% repeat buys within 30 days.
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To mimic offline wholesale familiarity, the platform uses live video shopping, reels-based discovery, and agent-supported calls, providing a highly engaging digital shopping experience.
"Wholesale fashion is an Rs 8 lakh crore ($100B+) industry, ready for digital disruption. We are assisting small-town retailers to remain trend-forward and be competitive with players such as Zudio and Meesho by providing them access to scale, speed, and tech", said Suparn Goel, Navo Co-Founder.
"We noticed a definitive change retailers in Tier 2+ cities, even from non-fashion, were more and more leveraging digital platforms to operate their businesses. Concurrently, online fashion has ended up upsetting traditional 'Bharat' retail players. They cannot compete with biggies. Navo is solving this very pain point. We're optimistic about the platform's capacity to emerge as the preferred B2B2C commerce channel for India's heartland", said Sahil Makkar, Partner, IndiaQuotient.
