Fashion and Lifestyle exploring startup SummerLabel have raised Seed Funding of Rs 1 Crore from the group of seven high net worth individuals based out of Silicon Valley and India on Monday.
The Gurgaon-Based startup was founded in October 2015 by Engineering Graduate Apaksh Gupta and Former Miss India Vanya Mishra. SummerLabel is a mobile application, which is owned and operated by Abrax Retail Pvt. Ltd. The startup provides both online and offline private label stores for the discovery of the user. The company is also developing marketing software which will help in the marketing of unpopular brands and stores.
On the investment, Apaksh Gupta, CEO and Co-Founder of SummerLabel said, “We are excited to have our investors onboard with us and it is gratifying to see the trust they have bestowed upon SummerLabel and its team. With this funding coming in we are focusing on building the best-in-class Influence Marketing Tool, PoS and Loyalty program tool for the home-grown private labels that will help them increase their revenues.”
SummerLabel has Omni-channel discovery mechanism, through which users can find the complete information about the product/store. It will also give access for purchasing of the exclusive products from offline stores on their official website, through the application.
Co-founder Vanya Mishra shared, “The rise in disposable income amongst fashion conscious youth and professionals, given along with the Smartphone penetration and access to relevant content has created a huge market for the boutique start-ups such as ours. We are helping to bridge the gap by providing unique marketing tools, giving a digital identity to some really extraordinary yet unexplored fashion labels and celebrating style in a never before way. We thank our investors for the faith in our idea. ”
The startup has about 7,500 registered users and has tie-ups with over 120 stores. Their aim is to reach Rs.35 Lakhs in revenues by December 2017. They will use the freshly raised funds in strengthening its technology backbone and build a healthy network of private labels, users and influencers and for team expansion. Read more startup funding news.
Fashion was the 2nd most invested eCommerce segments in India Lead by Myntra, voonik, Craftsvilla etc. Recently many eCommerce startups started laying off people to bring profitability and attain strong unit economics.
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