Lyskraft, a fashion start-up, has raised $26 million in seed funding, as per a report by the Economic Times. Led by Myntra’s founder Mukesh Bansal and the former senior executive of Zomato Mohit Gupta, the start-up's funding makes it one of the “largest early stage rounds.”
Gupta told the Economic Times that the round was led by Peak XV Partners, a venture capital and growth investment firm. The funding money will help to support a partnership in executing a strategy of creating a comprehensive online platform that integrates various channels (omnichannel play) to serve as a marketplace for high-end brands. First, they will begin with women's fashion products, and then, moving on, broaden their offerings to include other lifestyle categories.
Other investors who participated in the round, as per the report, include Prosus (a global investment group), Sofina (a Belgian investment fund), and partners of DST Global (a capital investment management company). Gupta said that Deepinder Goyal, founder of Zomato, and Rajesh Magow, CEO of MakeMyTrip, also participated in the round.
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Bansal will be a shareholder and a strategic advisor, while Gupta will be the chief executive of the start-up. Talking about Lyskraft, Gupta told the Economic Times that the premium fashion category in India will be large enough to be a vertical in the next 5 to 10 years. He said, “Specifically, within this, women’s fashion is a particularly hard category, and we think that the solution to that is not only online or offline but omnichannel, and that’s what we have set out to build.”
While mentioning that the company will not manufacture on its own, as per the report, Gupta said that the company has brought 15 premium brands on board. As of now, Lyskraft is a few billion dollar market, and as per the report, it is expected to “grow to $12–15 billion in six to seven years.
