Fashion and lifestyle startup Styletag.com has raised Rs 50 crore angel funding from Jitu Virwani, Chairman & Managing Director, Embassy Group, property developers firm.
The company will use the raised funds to further expand their range of private labels, acquire a medley of other designer brands and strengthen its team to complement their capabilities.
Jitu Virwani, Chairman & Managing Director, Embassy Group said, “Similar investments have been carried out in the past from my end into projects that have been extremely fruitful. I find the start-up e-commerce space a very exciting one and it is an extremely dynamic and upcoming market. Through similar investments, I want to encourage players in the start-up space.”
Styletag.com was created to trigger a liaison between the best of couture & affordable fashion and the millions of people based in and around smaller cities across the country. With a thorough understanding of the fashion quotient of both Indian men and women across age groups, it offers fresh fashion every day.
Styletag.com that makes luxury products accessible in the form of a flash sale model, caters to fashionistas who have an eye for style and avant-garde designs within an affordable range.
In fact, Styletag.com foresees scaling up to 100 omni-channel models across the major cities of the country in less than two years and becoming a prominent player in the fashion segment. While its brick and mortar presence will aid in brand building, the company aims to aggressively retail through online commerce to successfully reach out to style aficionados.
The company is looking to establish its Gross Merchandise Value of the equivalent to anywhere between Rs 50-70 crore by the end of this year.
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