Mumbai-based Finger Prints Fashions Pvt. Ltd. is looking for investments of upto $10 million for its fashion e-tailing brand, Inkfruit.com. After establishing Inkfruit.com as a niche player in the fashion and lifestyle etailing space with a brand that is easily identifiable and recognized among youth, the company is looking to expand capabilities and reach out to a larger audience.
This will be the company’s second large investment in as many years, after receiving $5 million from SAIF Partners last year. It has been learnt that SAIF Partners will not be exiting the venture at the next round of investments.
Inkfruit follows a unique model in the fashion space and started out as a crowd sourcing platform where artists from all over the world could contribute their creations and the selected ones would be curated by Inkfruit to feature on its product range. Over time, Inkfruit has started to offer products across various categories such as, apparel, accessories, footwear and home décor. However, even today, many of its products carry designs which are contributed by the community of artists.
The company stocks over 8000 SKU’s and has moved to a new warehouse facility to cater to over 1,000 orders that it receives daily. The site receives over 1.5 million visitors each month and has over 150 employees in offices in Mumbai and New Delhi.
Inkfruit was started in late 2007/early 2008 by Kashyap Dalal & Navneet Rai, batch mates from IIT Bombay. While Kashyap holds a PGDM from IIM-Lucknow and has worked at Unilever, Navneet hails from Gwalior and has worked at Tex Indus, a luxury garments company. Inkfruit aims to reach targeted revenue of Rs.200 Crores by the end-of the current financial year.
Inkfruit competes in the highly lucrative and competitive fashion etailing space with niche players such as CottonMango, Tshirts.In, 2mTees.com, Tantra, multi-category retailers such as Myntra, Jabong, and multi-channel retailers such as Shopper Stop etc.
Inkfruit is owned by Mumbai-based Fingerprints Fashions Pvt. Ltd., which was established in April 2007 with an authorised capital of Rs.5 Lakhs, and has a paid-up capital of over Rs.3.7 Lakhs.