Styletag, which is an online fashion and lifestyle startup has raised Rs 50 crore in angel funding. It was launched in the year 2012.The company will use the raised funds to increase their range of private labels and also to acquire other designer brands and strengthen its team to complement their capabilities.
The investment of Rs 50 crore has been made by Jitu Virwani, Chairman & Managing Director of Embassy Group. Embassy Group is one of India’s leading property developers. Embassy Group has already founded Southern India’s first multi-designer luxury store ffolio. It is believed that this will add further value to Styletag.com. Styletag offers fashion with a unique mix of western wear and ethnic Indian dresses for both Indian men and women across age groups.
According to Embassy group, they have made similar investments in the past from into projects that have been extremely fruitful. They believe that the startup e-commerce space is a very exciting one and it is an extremely dynamic and upcoming market.
Styletag wishes to scaling up to 100 omni-channel models across the major cities of the country in less than two years. They are also planning to reach out to their prospective buyers by fully utilizing the online market boom.
Styletag is looking to establish its Gross Merchandise Value(GMV) of the equivalent to anywhere between Rs 50 to 70 crore by the end of this year. According to the current growth projections of the company, they will soon achieve the milestone of 1 lakh unit orders.