AMJ Ventures invests in fashion start-up StyleCracker
today Nov 15, 2019
Personalised styling platform StyleCracker has received a $2 million (Rs 13.3 crore) investment from the US-based investment firm AMJ Ventures and plans to use the funds towards developing technology.
StyleCracker will use its new investment from AMJ Ventures to build on its machine learning capacities, increase its personalisation options, and build brand awareness across India, the business announced on Thursday, the Press Trust of India reported.
"The funds will also be used to build a strong pan-India presence,” said Dhimaan Shah, StyleCracker’s co-founder and managing director, in a statement reported by the Press Trust of India.
“StyleCracker has grown rapidly since inception at a CAGR [compound annual growth rate] of over 150% and is on track to grow the business over 250% this financial year, after its funding from AMJ Ventures."
StyleCracker has turned profitable at a unit economic level, said Shah. The business counts Bollywood celebrity Alia Bhatt as an existing investor.
The business also organises fashion themed events and recently held the StyleCracker Night Market at Khar Gymkhana in Mumbai from November 9 to 10 in association with MyGlamm and Bumble. The shopping event featured a number of clothing brands retailing their latest collections as well as live music, refreshments, and activities.
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