Hyderabad based online fashion social network, VioletStreet has raised USD 315,000 (INR 2 Crore) in an angel round led by Former SVP of Bank of America Venkat Vallabhaneni with participation from angel investor Srinivasa Rao Paturi and serial enterpreneur Sudhakar Reddy.
The company will use the new funds to scale the technology, grow its team and increase its reach in the Indian market. Post funding, Venkat Vallabhaneni and Sudhakar Reddy, Founder and CEO of Abhibus.com will join the board of the company. The company had previously raised INR 10 Lakh in a TiE Smashup event held in May, 2014.
Founded by Ankur Gupta and Nayan Kumar in November 2013, VioletStreet allows its users to engage with their friends as well as the fashion community before buying. It integrates the offline shopping to the online world as well, and also allows its users to mix and match and create custom looks by putting together fashion products from various sites. More than 3000 looks are created by users on the site every month.
Image Source: VioletStreet