Fashalot is an online platform that connects shoppers to brick-and-mortar retail stores in their neighbourhood
Fashalot, a location-based O2O (online to offline) fashion and store discovery platform, has raised an undisclosed sum in pre-Series A round of funding led by YourNest Angel Fund and marquee investor and GlobalLogic Founder Rajul Garg.
The startup will invest the funds in product development, to hire talent and accelerate its business growth.
Currently operational in Delhi-NCR and Bengaluru, the brand also aims to aggressively ramp up its operations in new cities by the end of this year.
Launched in April 2015, Fashalot is an online platform that connects shoppers to brick-and-mortar retail stores in their neighbourhood. Using the scope of mobile technology, it helps digital users to reconnect with offline stores as well as enables such stores to increase footfalls with an omni-channel approach.
The startup has over 2,000 live stores and 60,000-plus downloads till date.
“Fashalot has demonstrated an impressive growth rate of over 100 per cent month-on-month. Several regional, national and international brands that have partnered with us owe almost 10 per cent of their monthly revenue to our disruptive mobile technology that is built to drive footfalls for brick-and-mortar fashion retailers,” said Amit Koshal, Founder & CEO, Fashalot.
The fashion retail market in India stands at more than US$100 billion and there are over 12 million brick-and- mortar stores in the country. The most prominent need of retailers has always been to drive footfalls to their stores. Fashalot is solving this problem with its horizontal network effect platform that connects shoppers with offline stores. The startup helps shoppers discover fashion stores, latest collections, in-store offers and get guaranteed cashback each time they shop. For its partner brick-and-mortar outlets, it acts as a powerful marketing tool to increase footfalls for partner outlets significantly and give shoppers new reasons to do so.
Rishi Batra, Co-founder and CFO, Fashalot, said, “We have driven more than 15,000 people to our partner stores in March 2016, and are getting stronger with our repeats (over 30 per cent now). The consumption trends we see are also helping us provide much more relevant information to our partner stores to make informed decisions about their existing stores and their plan going forward.”
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