Fashion discovery platform Shouto raises $1.6 million pre-seed led by Saama Capital
Fashion discovery platform Shouto has raised $1.6 million (Rs 12 crore) in a pre-seed round led by Saama Capital. Whiteboard Capital, Amit Singhal, Arjun Vaidya along with 25 other angel investors also participated in the funding round.
The start-up will invest the funds in product development, creator acquisition and engagement, building a strong founding team of engineers.
Commenting on the investment, Ash Lilani, managing partner at Saama in a statement said, “We are seeing social, and creator focused shopping start-ups gain a lot of traction in other markets, especially the US. Shouto’s focus is to have an amalgamation of both these approaches to be able to build a top fashion destination for young Indians. Their talented leadership team, ambitious vision, and unique partnerships with top fashion brands provide a strong foundation toward succeeding in this mission of redefining how fashion discovery works in India.”
Maruthy Ramgandhi, co-founder CEO of Shouto added, “Discovery is an untapped market, especially in the fashion segment as large fashion marketplaces are focused on serving the large brands or building for the masses. They do not address the nuanced fashion needs of GenZ and young millennials entirely. This discerning consumer group also seeks to stand-out and fit in at the same time and relies heavily on authentic voices in the creator industry to influence their choices. We want to build Shouto as a starting point for fashion discovery connecting these two opportunities and simplify the shopping process.”
Shouto was co-founded by Maruthy Ramgandhi, Abhishekk Handa, and Ayyappan Lakshmanan. It claims to have over 60,000 monthly active users and aims to have 500k monthly active users by end of this year.
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