Hyderabad based online fashion social network, VioletStreet.com has raised INR 2 Crore in an angel round led by Venkat Vallabhaneni with participation from Srinivasa Rao Paturi and Sudhakar Reddy. The company will utilize the funds to scale the technology, grow its team and increase its reach in the Indian market. Post funding, Venkat Vallabhaneni, Former Senior Vice President of Bank of America and serial entrepreneur, Sudhakar Reddy, Founder and CEO of Abhibus.com will join the board of the company.
Founded by Ankur Gupta and Nayan Kumar, VioletStreet is essentially a fashion community that integrates the excitement of offline shopping to the online world. VioletStreet users can discover fashion in a more exciting way by engaging with friends and an entire fashion community before buying. VioletStreet 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. The company had previously raised Rs. 10 Lakh in a TiE Smashup event held in May, 2014.
Lead investor, Venkat Vallabhaneni opined, “Fashion is a mode of self-expression and with everything moving online for Gen X, this is only a natural extension. We believe that fashion will be the key driver in the ecommerce growth story in India by 2015. We believe in the founders’ ability to build a strong team and technology around their idea.”
Ankur Gupta who after graduating in Computer Science Engineering from NIT, Allahabad in 2010, joined Microsoft R&D and worked for 3 years until he quit his job in 2013 to start a business. He is a 2013-14 fellow at SLP, Hyderabad.
Nayan Kumar is a 2013 graduate in Chemical Engineering and Economics from BITS-Pilani, Hyderabad, and he had founded a software services company before co-founding VioletStreet. He is a 2013-14 fellow at SLP, Hyderabad.