Lyskraft, a fashion startup, secured $26 million in seed funding, making it one of the “largest early stage rounds.” The funding was led by Peak XV Partners, a venture capital and growth investment firm.
Mukesh Bansal, founder of Myntra, and Mohit Gupta, former senior executive at Zomato, spearheaded the funding round. Gupta stated that the funding will support the execution of a strategy to create a comprehensive online platform integrating various channels (omnichannel play) to serve as a marketplace for high-end brands.
Initially focusing on women’s fashion products, Lyskraft aims to expand its offerings to include other lifestyle categories.
Other investors in the round, as reported, include Prosus, a global investment group, Sofina, a Belgian investment fund, and partners of DST Global, a capital investment management company. Deepinder Goyal, founder of Zomato, and Rajesh Magow, CEO of MakeMyTrip, also participated in the round.
Mukesh Bansal will be a shareholder and strategic advisor, while Mohit Gupta will serve as the chief executive of the fashion startup. Gupta mentioned that the premium fashion category in India is expected to become a significant vertical in the next 5 to 10 years. He said, “Specifically, within this, women’s fashion is a particularly hard category, and we think that the solution to that is not only online or offline but omnichannel, and that’s what we have set out to build.”
As per the report, Gupta stated that the company will not manufacture on its own but has enlisted 15 premium brands. Currently, Lyskraft operates in a market worth a few billion dollars and is projected to expand to $12–15 billion within six to seven years.
