03 May 2019, India:
AR based fashion tech start-up StyleDotMe has raised fresh funding from Indian Angel Network. The bridge round of funding was led by IAN investors Ambarish Raghuvanshi (ex CFO – Infoedge), Ajay Gupta (Head – Strategy and Marketing, Ericsson India), Hari Balasubramanian and Deval Tibrewalla (CEO- Polo Towers Group).
Notable angel investors such as Rajan Anandan, Dr. Saurabh Srivastava, Raman Roy were also participants from IAN.
Other angel investors like Innov8 founder Dr. Ritesh Malik; Rohit Chanana (ex President Strategy and Finance Hero Corporate), Josh Talks founder Supriya Paul & Shobhit Banga also participated in this funding round.
The startup will use the fresh capital to bolster its operations, strengthen its team, and drive its presence across the country by getting more clients on board.
The startup will also utilize the funding to launch its B2C product for the global market which will allow people to comfortably try jewellery from their home using mirrAR patented Augmented Reality tech.
Lead IAN investor, Ambarish Raghuvanshi said, “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.”
Ambarish Raghuvanshi, added, “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.”
In 2019, Tanishq and mirrAR by StyleDotMe collaborated towards a zero inventory experience zone set up at the Delhi and Bangalore airports.
Meghna Saraogi, Co-founder, StyleDotMe, said, “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.”
Meghna Saraogi, added, “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.”
StyleDotMe was founded by Meghna Saraogi and Akhil Tolani. The company aims to lead a large-scale digital transformation in the global jewellery sector through its high-potential Augmented Reality-based platform, mirrAR that provides customers with a real-time and interactive shopping experience.
(Image – StyleDotMe)