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NEW DELHI : Fashion focussed social commerce start-up Stage3 has raised ₹20 crores in a pre-series A round co-led by Inflection Point Ventures (IPV) and LC Nueva Investment Partners LLP along with Let’s Venture and Stanford Angels.
The New Delhi based company’s existing investor, Blume Ventures, also participated in the round. Other angel investors include Ananth Narayanan, founder, Mensa Brands, Dinesh Aggarwal, CEO of India Mart and Sashwat Nakhrani, co-founder of Bharat Pe.
The funds raised will be utilised in improving technology infrastructure, hiring talent and building data science capabilities, the company said in a statement.
Stage3 is a social commerce marketplace for fashion and lifestyle products that use the plank of content and social interactions to drive commerce for independent fashion-focussed sellers. It offers a curated and discovery-led shopping experience interacting directly with over 1 million fashion influencers and 2 million small fashion entrepreneurs and brands. Gen-Zers and millennials make the bulk of their consumers.
It essentially connects small businesses to buyers.
Indian consumers are already moving to online shopping in an accelerated manner and as technology helps e-commerce companies to extend offline experience elements, the next big disruption in the e-commerce value chain will be driven by social commerce and user-generated recommendations, said Ankur Mittal, co-Founder, IPV.
The next generation of fashion commerce for Indians could be social, personalized and influencer led, said Sabena Puri, Co-Founder & CEO, Stage3. “Our AI-powered app will dramatically change how consumers shop by building a hyper-personalized feed reflecting their interests, personal style, size and brand preferences In addition they will be able to share their Wishlist, group shop with friends and directly connect with sellers," Puri said.
Stage3 expects to achieve an annual recurring revenue (ARR) of $6-7 million by March 2022.
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