Mumbai-based CoutLoot, which claims to be India’s first high-street and luxury service to buy and sell authentic pre-owned designer wardrobe, has successfully raised its pre-Series A investment, according to a report in the VCCircle.
The investment round saw the participation of venture capital firms Redcliffe Capital and Artha India Ventures and Angels like Apoorv Ranjan Sharma, president, Venture Catalysts and Siddharth Kothari of Om Kothari Group among others. It was led by angel investor Anuj Puri, the real estate veteran who quit as the head of property consultant JLL India earlier this year.
According to the VCCircle report, the funding was facilitated through Venture Catalysts, an incubator known for development of startups, supported by ecosystem catalysts, angel investors, management consultants and advisors. Besides it also, facilitates mentoring, seed investments, through angel investments and supports services for startup community. Venture Catalysts first invested in CoutLoot in 2016.
Run by Mumbai-based MJVS Fashion Services Pvt Ltd, CoutLoot started its journey in November 2016. The firm founded by Mahima Kaul, Sahil Khimavat, Vinit Jain and Jasmeet Thind successfully processes more than 200 daily orders and sees over 1,500 daily listings, across 14 cities in the Indian subcontinent.
CoutLoot caters to both men and women. It also partners with leading celebrities to re-sell their pre-owned items from their own personal closet through its ‘Celebrity Closet’ feature. It also sells its products offline through its ‘Pop up shops’.
The funds raised by CoutLoot will be used by the firm to widen its horizon and scale up its operations. According to Thind’s statement to VCCircle, they will be also utilising the capital raised in hiring consumer-driven talent, and marketing. They also wish to build a bigger buyer-seller fashion community in the Indian market.
CoutLoot, which was selected by US-based social media behemoth Facebook Inc. for its FbStart programme last year, had acquired Bengaluru-based Stororo Services Pvt Ltd for an undisclosed amount in January this year.
Apart from CoutLoot, the Indian pre-owned fashion category is seeing the uprising of players such as Zapyle, Etashee, Envoged.in and StylFlip.