Cloudtailor oversubscribed 379.14% after announcing CSOP on investment platform Tyke Invest

By

Isabelle Crossley

Published
May 12, 2022

Direct-to-customer women’s fashion brand Cloudtailor saw its company share option plan oversubscribed by 379.14% after it launched on digital private investment gateway platform Tyke.

The CSOP funding round secured Rs 5 crore for the business and the investment round was led by 35North Ventures along with MergerDomo and other existing investors, the business announced in a press release. The Hyderabad-based business will use it new injection of funds to expand its personalised fashion fulfilment centres in eight cities.
 
“We’ve received a tremendous response in the past year and it’s great to see our brand grow from strength to strength,” said Cloudtailor’s founder Susmitha Lakkakula in a statement. “Our collaboration with Tyke has been highly successful and our campaign got oversubscribed. We would like to express our gratitude towards our potential consumers, community peers, investors, and all those who support and believe in the startup economy. We have a robust expansion strategy in the pipeline, and this fundraiser will play a prominent role in seeing our plans come to fruition.”

The business will also use the funds to augment its technology team and marketplace business model. Cloudtailor offers tailoring services through its feature which include doorstop measurement and online consultations. 
 
“The startup ecosystem is the core of India’s corporate future,” said Tyke’s CEO Karan Mehra. “Our objective at Tyke has always been to democratize it by creating a private investment portal that can give investors the right opportunities to invest in upcoming startups. This also creates chances for startups to develop their presence through strong community groups backing them throughout their journey. CloudTailor has had a great response from our platform, and we hope that they keep growing and keep making waves of change in the world of fashion.”