Envoged, a social platform for buying and selling pre-used luxury fashion goods has raised an undisclosed amount in a seed round from a consortium of angel investors led by serial entrepreneurs Ankush Nijhawan, Manish Dhingra and Gaurav Bhatnagar (AMG investments).
The funding also included participation from Himanshu Aggarwal, CEO, Aspiring Minds; Bollywood actor Jackky Bhagnani; Wholetime Director and Head, New Media, Indian Express, Anant Goenka and angel investor Alok Mittal.
Envoged is a ‘re-commerce’ platform founded by IIT Kharagpur alumni Anandita Singh and Manisha Barnwal along with Saahil Naranrg, ex-Bain & Co.The platform allows luxury goods owners to easily sell their items that they no longer need.
Additionally, the company checks for authenticity and determines the ideal resale price of each item.According to the Co-Founder Manisha, authenticity is a crucial element in luxury shopping, and the company ensures this by applying rigorous checks on every item they receive.
“Luxury is a very fast growing space but severely limited by affordability and availability. Many young people would love to buy more, only if they could liquidate their previous purchases easily”, says the trio.