Klozee, a startup that allows users to rent designer apparel at one-tenth of the retail price, has raised seed funding from TracxnLabs. The amount has not been disclosed yet.
The company was founded by graduates from IIT Kanpur and IIT Bombay and currently serves Bengaluru.
Speaking on the conception of the business idea, Co-founder Aman Haji said, “It stuck out to me that it makes a lot more sense if you’re only going to only use it once to just rent it instead of spending a fortune on clothes all the time.”
On Klozee, users can rent an outfit for only 10% of the retail price, plus the same amount as a deposit. They can choose from three-hour same-day delivery, for which an executive would arrive to pick up the outfit the next day; or an advanced booking option where users can keep the outfit for four days.
The company now owns 150 Indian and western outfits ranging in price from Rs 3,000 to Rs 90,000. As per the company, it is growing 50% week-on-week and hopes to hit 100 orders a day by the end of the year across Bengaluru, Mumbai, and Delhi, reports ET.
The platform is similar to New York-based Rent the Runway, which has raised over $100 million in the last six years.Category Investments