Smytten, an online discovery platform for premium products and services, has raised $200k in a seed round of funding, led by Rimpal Chawla, ex-MD of Credit Suisse Asset Management India and Anuj Srivastava, CEO of Livspace and a prolific angel investor.
The raised capital shall help the company to enhance its products and services across various premium segments- beauty and grooming, high-end fitness and consumer lifestyle.
Smytten aspires to provide its customers with a unique, engaging and curated discovery platform facilitating trial and shopping experience. Its mission is to be the “bridge to luxury” for the Indian consumers.
The company has been founded by Indian School of Business alumni- Siddhartha Nangia and Swagata Sarangi. Comenting on the development, Sarangi said, “Despite the huge market for premium products and services, the information available is fragmented, interaction with brands is sub optimal, trial avenues limited, and the sector has massive consumer trust issues due to counterfeit products. He added, “Smytten solves these challenges and offers what consumers in this segment value–one stop discovery, free trials for experiencing the brands, and recommendations for making purchasing decisions.”
Smytten also offers assisted shopping and for the more advanced shopper, features such as customized offers and the ability to build their own liking list for regular purchases. The company has tied up with more than 50+ premium/super premium brands to offer consumers genuine sampling experiences and the opportunity to purchase them online.
The increment in the number of luxury outlets and the awareness of luxury products is rising in tandem with the growth of the country’s economy. The phenomenon is being propelled by factors like rapid urbanisation and increased disposable income with the middle class.
Penetration of luxury goods in second- and third-tier cities of India where consumers have a substantial level of wealth at their disposal is expected to drive the luxury goods market further over the coming years.