Company Name : Fashalot
Funding Amount : Undisclosed
Investor(s) YourNest Angel, Rajul Garg
Funding Round : Pre-Series A
Fashalot, O2O (Online to Offline) location-based fashion and store discovery mobile platform has raised capital in a pre-Series A round of funding led by YourNest Angel Fund and Rajul Garg.
The company will invest the funds in product development, top talent and accelerating its business growth month on month. Currently operational in Delhi-NCR and Bengaluru, the brand aims to aggressively ramp up its operations in new cities by the end of this year.
The fashion retail market in India stands at more than $100 billion and there are over 12 million brick-and- mortar stores in the country.
Amit Koshal, Founder & CEO, Fashalot, commented, “Fashalot has demonstrated an impressive growth rate of over 100% month-on-month. Several regional, national and international brands that have partnered with us owe almost 10% of their monthly revenue to our disruptive mobile technology that is built to drive footfalls for brick-and-mortar fashion retailers. We are on track to be the largest O2O location-based fashion discovery network in India and the capital raised will contribute significantly for us to achieve this goal.”
Fashalot has recorded 60,000+ downloads and is now registering 30% repeat transactions, up from 17% a month ago.
