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Styletag will use the funds to expand its range of private labels and strengthen the team
India-based online curated fashion and lifestyle startup Styletag.com has raised INR 50 crore (US$7.5 million) in angel funding from Jitu Virwani, Chairman and Managing Director of the Embassy Group, which deals in real estate.
According to a company statement, Virmani made the investment in his personal capacity.
Styletag will use the funds to further expand its range of private labels, acquire a number of other designer brands and strengthen its team.
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“Technology innovation has always been at the forefront of our business. While we have grown exponentially since our launch, we are committed to inspiring our customers with superior lifestyle,” said Sanjay Shroff, Founder and CEO, Styletag.com.
The company already has an offline store, Ffolio, started by Shroff and his wife Yashodhara in 1991. This team of five identified a severe dearth in affordable and credible fashion available to pan-India, especially in Tier-II and Tier-III cities
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The company is aiming at establishing a gross merchandise value equalling US$7.5 million-US$10 million by the end of this year.
Based out of Bangalore, Styletag is also operational in Delhi-NCR and Mumbai currently. The company was founded in 2012 with the aim to cater to the dearth in affordable and credible fashion available in India, especially in smaller towns and cities.
There are a number of fashion e-commerce companies including Jabong, KOOVS, Myntra and Yepme that already dominate the market.
The post Indian online fashion startup Styletag bags US$7.5M angel funding appeared first on e27.
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