Stage3 raises Rs 20 crore, reports 200% year-on-year growth
Influencer-driven social commerce fashion marketplace Stage3 has raised Rs 20 crore ($3 million) in pre-series A funding as the business reports 200% year-on-year growth.
Stage3’s recent funding round was led by Inflection Point Ventures and LC Nueva Investment Partners LLP with participation from Let’s Venture and Stanford Angels, the business announced in a press release. Existing investor Blume Ventures also added funds to the round.
Stage3 plans to use the fund injection to enhance its tech infrastructure and data science capabilities and build out its team. The business offers a personalised shopping experience on its platform and targets India’s Gen Z and millennial shoppers.
“Stage3 demonstrated to our network that how merging the best of both worlds– marrying ecomm to influencer-driven social interactions can become a thriving business idea, and this got us interested in their business,” said investing business IPV’s co-founder Ankur Mittal in a press release. “Indian consumers are already moving to online shopping in an accelerated manner and as technology helps e-comm companies to extend offline experience elements, the next big disruption in the e-comm value chain will be driven by social commerce and user-generated recommendations.”
Stage3 reported 200% year-on-year growth with a current annual recurring revenue of $3 million as well as a high gross margin of 70% across its platform. Over the past year, Stage3 reported a 30% increase in its social media follower base.
“Our Vision at Stage3 is to build the next generation of fashion commerce for young India that is social, personalised and influencer led,” said Stage 3’s CEO and co-founder Sabena Puri. “Our AI powered app will dramatically change how consumers shop by building a hyper-personalised feed reflecting their interests, personal style, size and brand preferences In addition they will be able to share their wish-list, group shop with friends and directly connect with sellers.”
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