04 April 2018, India:
Fashion startup Coutloot has raised $1 million as a part of its ongoing pre-Series A funding. The funding round was led by Jadevalue Fintech. Existing investors Artha India Ventures, Venture Catalysts also participated in the funding round.
The startup will use the fresh capital for geographical expansion and adding more categories on the platform.
“The aspiration value in India is increasing and the circular economy model compliments it really well, times will only get exciting with the next set of 500 Mn users coming online in the years to follow, we’re focussed on building a mass market business for the millennials,” said Mahima Kaul, co-founder, CoutLoot.
“We believe that a technology driven re-commerce marketplace in India for the mass market creates value for all parties involved, including sellers, buyers and the society at large. By having a customer centric approach and building strong proprietary technology, CoutLoot creates a seamless and engaging customer experience, removing many of the barriers often encountered on the more traditional platforms. The young team only adds to the element of growth and aggressive approach to the segment,” said Johan Uddman, General Manager, Jadevalue Fintech.
“CoutLoot’s growing footprint is nothing short of revolutionary. It has built a strong bridge of trust and quality experience with consumers to an extent that their buyers are now becoming their sellers and vice versa. This is a significant moment in Indian e-commerce, and we hope other global investors and venture capital networks sit up and take notice of the amazing revenue opportunities offered by the Indian market,” said Anirudh Damani, MD, Artha India Ventures.
“Indian start-ups have emerged as highly attractive avenues for global investors considering the scope offered by the home market, which is far from reaching its point of saturation, as experienced by the European markets. The shared/circular economy model is catching the trend here, and the country has responded well to evolving future market relationships such as C2C and P2P business structures. Although they are still at a nascent stage, the growth of Indian start-ups following such models has significantly contributed to India’s fast emergence as a global investment hotspot, and we hope to continue facilitating this inflow of global resources, technology, ideas and skills towards the strengthening of India’s start-up ecosphere,” said Dr. Apoorv Ranjan Sharma, Co-Founder and President, Venture Catalysts.
Jadevalue Fintech is the investment arm of CashBUS.
Coutloot was founded by Mahima Kaul, Vinit Jain and Jasmeet Thind in November 2015. It is a high-street/luxury hybrid marketplace to buy and sell pre-owned designer wardrobe. The startup provides its services in 14 cities across India. The startup claims to have achieved more than 5,00,000+ app downloads.
(Image – Gust)