Chairman & Managing Director of Embassy Group Jitu Virwani has given Rs. 50 crore in angel funding to Styletag.com, India’s online curated fashion and lifestyle startup.
The investment of the said amount has been made in his own personal capacity. Embassy is one of India’s leading property developers with a track record of over three decades. Styletag.com that makes luxury products accessible in the form of a flash sale model, caters to fashionistas who have an eye for style and avant-garde designs within an affordable range.
The company will use the raised funds to further expand their range of private labels, acquire a medley of other designer brands and strengthen its team to complement their capabilities.
Speaking on this Sanjay Shroff, Founder & CEO, Styletag.com, said, “Technology innovation has always been at the forefront of our business. While we have grown exponentially since our launch, we are committed to inspiring our customers with superior lifestyle, through an engaging and enriching experience and by being ahead of the curve in the lifestyle and fashion segment.”
Commenting on his funding of the Styletag venture, Jitu Virwani, Chairman & Managing Director, Embassy Group said, “Similar investments have been carried out in the past from my end into projects that have been extremely fruitful. I find the start-up e-commerce space a very exciting one and it is an extremely dynamic and upcoming market. Through similar investments, I want to encourage players in the start-up space.”
In fact, Styletag.com foresees scaling up to 100 omni-channel models across the major cities of the country in less than two years and becoming a prominent player in the fashion segment. While its brick and mortar presence will aid in brand building, the company aims to aggressively retail through online commerce to successfully reach out to style aficionados.
The company is looking to establish its Gross Merchandise Value of the equivalent to anywhere between INR 50 to 70 crore by the end of this year. Its current growth projections indicate that the company is soon to achieve the milestone of 1 lakh unit orders this festive season.