- Angela Gonzalez-Rodriguez |
New York -Indian fashion tech startup StyleDotMe has raised a bridge round of funding led by IAN investors Ambarish Raghuvanshi, Ajay Gupta, Deval Tibrewalla, Hari Balasubramanian, Rajan Anandan, Dr. Saurabh Srivastava and Raman Roy.
StyleDotMe explained in a corporate release that they will use the funding to bolster its operations, strengthen its team, and drive its presence across the country by getting more clients on board. The company will also utilise the funding to launch its B2C product for the global market which will allow people to comfortably try jewellery from their homes using mirrAR patented Augmented Reality tech.
Meghna Saraogi, Co-founder and CEO, StyleDotMe, commented the news highlighting that “Jewellery retail in India is an extremely fragmented market. The majority of stores are single stores across the country, with only a handful of regional brands having multiple outlets across states and catering to a pan-India consumer base. Through mirrAR, we will help every jewellery store across the world to enhance the customer experience and ultimately their brand presence. We are delighted to have received the support of IAN investors. This round is an important step in towards our global aspirations."
"It is gratifying to see StyleDotMe evolve from a feature to a full-fledged business efficiency tool over two years. They now solve a real, difficult problem for jewellery stores, that is the pain associated with trying out multiple items for customers and the economic costs of carrying inventory. With insight of this sort, they can migrate to creating deep use cases in other industries. Like most successful start-ups they have also been tested with making one or two pivots before arriving at this solution. We are extremely pleased to back Meghna and her colleagues at StyleDotMe,” commented the lead IAN investor, Ambarish Raghuvanshi, speaking on the investment.
Founded in 2016, StyleDotMe is known for using its augmented reality (AR) product mirrAR, to transform jewellery shopping experiences. mirrAR allows people virtually try on things via AR on digital platforms of client brands, via iPads. Users can see themselves in different jewellery products on a larger screen, and can take pictures and share on social media too.
Currently, StyleDotMe works with over 60 retailers in 17 cities across India. By 2020, the company aims to be present in all prominent Tier 1, 2 & 3 cities across the country. In 2016, it had raised a seed round from Indian Angel Network. Ajay Gupta led this round of investment on behalf of IAN.