Styletag.com bags Rs 50 crores funding from angel investor

Bangalore-based Styletag.com, the online curated fashion and lifestyle start-up has received Rs 50 crores in angel funding from Jitu Virwani, Chairman and Managing Director, Embassy Group. Virwani has made the investment in his personal capacity.

Headquartered in Bangalore Styletag also has operations in Delhi-NCR and Mumbai. Styletag.com was founded in 2012 by Sanjay and Yashodhara Shroff along with three other technology professionals: Vivek SP, Prashanth HN and Soujanya Sreenath. The idea was to capture the demand in smaller towns for affordable fashion. Shroff duo had earlier founded ffolio, a multi-designer luxury retail store, way back in 1991.

The company wants to offer new styles under western and ethnic wear every day. The products sold under flash sale for a limited time-frame are directly sourced from the manufacturer, a licensed agent, retailer, or an importer to ensure quality and authenticity. The plan now is to launch their own private labels, while collaborating with new designer brands will be an ongoing process. With a fresh funding boost, Styletag also plans to strengthen its team.

The long-term strategy is to follow an omni-channel model enjoying strong presence online as well as offline across major cities in India over the next two years. It is chasing a target of around Rs 50 to 70 crores GMV by the end of this year.