Here we are discussing Myntra Founder & Former Zomato SR. Executive Raised $26 Million Seed Funding For a Fashion Startup, Lyskraft:
Mukesh Bansal, the founder of Myntra, and Mohit Gupta, the former senior executive of Zomato, came together to form a fashion startup named Lyskraft. This omnichannel Fashion startup has raised $26 million in seed money, making it one of the largest early-stage rounds for an Indian startup amid the ongoing reduction in the general availability of loans. We are discussing Myntra Founder & Former Zomato SR. Executive Raised $26 Million Seed Funding For a Fashion Startup, Lyskraft.
According to a report by ET, Mohit Gupta said that the seed money will help the partnership build a seamless shopping experience as a marketplace for premium brands. The startup aims to start with women’s fashion and expand into other lifestyle categories. Because of these two seasoned businessmen, this startup had a backup of large seed investments. Global tech investor Prosus, Belgian investment fund Sofina, Zomato founder, and the partners of DST Global are some of the investors who participated in Financing for the first round.
Gupta has worked with big giants such as Zomato, MakeMyTrip, and PepsiCo India. Mohit Gupta is said to be the chief executive of Lyskraft at Gurgaon headquarters, while Mukesh Bansal will be the company’s shareholder and strategic advisor. This is not the first time these two are working together. A year ago, Gupta and Bansal joined hands for a startup, Meraki Labs, to explore raising capital at the company level and getting funds for different startups.
Bansal has continuously backed companies like Groww and space-tech startups like Skyroot Aerospace. This fashion startup aims to use the word “omnichannel.” Mohit Gupta said that the premium fashion category in India needs a different treatment, which, according to him, will be treated as vertical in the next 5-10 years. The solution for the women’s fashion category is not offline or online but Omnichannel, and that’s what we have aims to build, He added.
This startup company is said to be a competitor of brands like Nykaa Fashion, which operates both online and offline outlets, Flipkart-owned Myntra, Reliance Retail’s Ajio, and more. Gupta chose omnichannel instead of starting online to find the solution to the problem and not focus on one particular channel. “We are looking at this as a consumer and a category problem, not a channel problem. The best solution we saw for this was omnichannel, which is why we’re taking that route from day one, “He added. He also mentioned that Lyskraft is estimated to grow to $12- $15 Billion in the next Six to seven years.
FAQ’s
What sets Lyskraft apart from other fashion startups?
Lyskraft distinguishes itself through its focus on sustainability, affordability, and inclusivity, as well as its innovative use of technology to personalize the shopping experience.
How will Lyskraft utilize the $26 million seed funding?
The seed funding will be used to develop the platform, expand the product range, scale operations, and fuel growth and market expansion.
What is Mukesh Bansal’s role in Lyskraft?
Mukesh Bansal serves as a co-founder and key strategic advisor to Lyskraft, leveraging his extensive experience in the fashion e-commerce industry to drive the company’s success.
What is Gaurav Gupta’s expertise and contribution to Lyskraft?
Gaurav Gupta brings his expertise in strategy, operations, and business development to Lyskraft, playing a crucial role in shaping the startup’s growth strategy and market positioning.
What are Lyskraft’s goals and aspirations for the future?
Lyskraft aims to become a leading player in the fashion e-commerce market, offering high-quality, affordable fashion essentials while championing sustainability and inclusivity.
Conclusion
Mukesh Bansal, who founded Myntra, and Mohit Gupta, a former senior executive at Zomato, joined forces to create a new fashion startup called Lyskraft. They managed to get seed fund money of $26 million to kickstart their business. This money comes from big investors like Prosus and DST Global. They plan to make the shopping experience super easy and smooth, starting with women’s fashion and then moving into other lifestyles.
With Mukesh Bansal as a strategic advisor and Mohit Gupta as the chief executive in Gurgaon, they’re all set to change the fashion world. They believe in “omnichannel,” which means they want to blend online and offline shopping experiences. They will eventually compete with big names like Nykaa Fashion and Myntra. Bansal and Gupta are experienced in the industry, and they believe Lyskraft could grow to $12-$15 billion in the next few years.
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