28 September 2017, India:
Gurgaon-based offline-to-online fashion store Fashalot has raised an undisclosed amount of funding in its pre-Series A round from Capillary Technologies. Fashalot is one of India’s largest Real-time Cloud & Mobile based Pre-Sales Analytics Platform, that drives footfalls at offline stores.
Amit Koshal, Co-Founder & CEO of Fashalot, commented, “We are excited to close on this latest round of funding led by Capillary Technologies with participation from Whiteboard Capital, a fund started by Sandeep Tandon – the Free charge Co-Founder – and appreciate the continued support from YourNest and Rajul Garg. We will mainly be using these funds to build even stronger technology, scale our user-base, and hire great new talent. Our focus will be on greater penetration in the Delhi-NCR and Bangalore markets by on-boarding more brands and new innovations in the app for a superior customer shopping experience.”
Aneesh Reddy, co-founder and chief executive of Capillary Technologies, “We believe in Fashalot’s future of replacing traditional modes of marketing such as print and media. $3 billion a year is spent on various marketing channels and Fashalot’s use of rich data customer analytics by capturing shopper’s intent to shop could help capture a substantial part of this market.”
Speaking on their participation, Girish Shivani, Executive Director and Fund Manager – YourNest, commented, “We have seen commendable execution by Fashalot’s team to not only commercially on-board large number of brands in no time but also their exceptional success in key business metrics. We see Fashalot’s users engage and stick to the offline brands at a very high frequency, making it part of their lives.”
Capillary connects 200 million consumers, enables 25,000+ stores and 250+ enterprise e-commerce implementations across 30 countries. Founded in 2008, Capillary is backed by Warburg Pincus, Sequoia Capital, Qualcomm Ventures, Norwest Venture Partners, and American Express Ventures.