Styletag.com, India based online curated fashion and lifestyle startup has raised Rs 50 crore in angel funding from Jitu Virwani, Chairman & Managing Director, Embassy Group. The investment of the said amount has been made in his own personal capacity. The company will use the raised funds to further expand their range of private labels, acquire a medley of other designer brands and strengthen its team to complement their capabilities.
Styletag.com makes luxury products accessible in the form of a flash sale model, caters to fashionistas who have an eye for style and avant-garde (people or works that are experimental or innovative, particularly with respect to art, culture, and politics) designs within an affordable range. It offers a blend of ethnic and western wear.
The company foresees scaling up to 100 omni-channel models across the major cities of the country in less than two years. While its brick and mortar presence will aid in brand building, the company aims to aggressively retail through online commerce to reach out to style aficionados.
The firm is looking to establish its Gross Merchandise Value of the equivalent to anywhere between Rs 50 to 70 crore by the end of this year. Based out of Bangalore and also currently operational in Delhi-NCR and Mumbai, Styletag.com was brought into existence in 2012 by Sanjay and Yashodhara Shroff along with three other technology professionals.