New York & Mumbai based online lifestyle retailer Squarekey has raised an undisclosed amount in funding from 500Startups and other group of angels, as confirmed by Pankaj Jain, Partner, 500Startups.
Along-with 500 startups, Devaraj Southworth, Executive Vice President, Zipmark, has also invested in Squarekey.
We had tried reaching Avantika Daing, CEO, Squarekey to more about the deal, but her reply is awaited.
Squarekey is a editorially driven ecommerce play just like the Vogue, providing Indian users access to range of international brands and curated services at the same price as available in the west.
Speaking over the investment in Squarekey, Pankaj Jain said that the basic thing they love about the company is its women founders, and secondly their business of bringing US apparels to India at US prices. “In India the biggest problem is that people do get the international brands but at very large premiums, due to import duties, etc. they figured out ways of bringing out those products to India at a lesser premium,” he added.
Squarekey is catering to the needs of men, women and kids. It has tie-ups with around 65 brands and manufacturers; Nicole Miller, BCBG, Nanette Lepore, Ben Sherman, Max Azria, etc are few of brands that are currently available on Squarekey.
It’s editorial section helps users in getting all the up-to-date information on the latest designers, fashion trends, styles, etc.
The website also has a unique Personal Shopper feature where the shopper sitting in India can shop as per their choice of apparel in the New York. Once the user contacts the Squarekey for the personal shopper option, the team interview the customer and know their personal style and shopping needs. Based on this interaction the team will selects photos and links from various brands for customer’s per-approval on designs and styles. When the items gets customers approval then the personal shopper service team personally shop and purchase the items and ship it directly the user with some some extra cost being incurred.
The website also provide pre-booking facility and also hosts physical pop-up shops time to time across the country.
As we reported earlier the website is witnessing growth by 30% over month-on-month basis with average sale price in USD 175 dollar range.