Smytten raises $1.5 million from Roots Ventures
today Oct 10, 2019
Gurugram-based luxury brands start-up Smytten has raised $1.5 million (Rs 11 crore) from its existing investor Roots Ventures.
Roots Ventures has been regularly investing in Smytten since its inception and the latest funding takes its total investment to $3 million.
Smytten will be using the funds to strengthen its customer base and offline expansion across India. The company offers lifestyle products and services in health, fitness, beauty, and grooming, among others.
“The amount raised will be used to expand our userbase, infrastructure, and our offline footprint,” Smytten’s co-founder Swagata Sarangi was quoted as saying by the Economic Times.
“The next big thing is information plus experience. Our focus is on brand and customer interaction rather than e-commerce. The company provides one million monthly sampling orders to consumers from a warehouse in Ahmedabad and we plan to open warehouses in Gurugram and Bengaluru soon,” he added.
Smytten’s business model involves partnering with premium and luxury brands. However, unlike other larger e-commerce players like Nykaa, Myntra and others, it operates as a brand discovery and experience platform.