- Shubhangi Bidwe |
Customers, fashion influencers and vendors for etailer took to social media platforms to protest against the founders of the women's wear online retailer Stalkbuylove for allegedly absconding without clearing dues and halting deliveries. Customer complaints on social media can be traced back to June this year, alleging orders were not being processed and delivered even after taking money.
Stalkbuylove, a women-focused online retailer, has run out of cash as the company faces a fund crunch. Trouble began six months ago when the ecommerce firm was faced with a cash crunch after a financing round that was likely to be led by a German fund fell through. The company faced significant pricing pressures and growth issues after Chinese ecommerce firms such as SHEIN and Club Factory took away market share.
Founded in 2012, Stalkbuylove was backed by the companies venture capital fund Kalaari Capital, 500 Startups and Germany based Littlerock. It has been unable to pay vendors, customers or influencers. The startup had raised 10 million USD in its lifetime. It also raised debt of Rs 6 crore from Trifecta Capital through non-convertible debentures in 2017. Before which, it raised capital worth Rs 36.2 crore at a valuation of Rs 143.4 crore. Kalaari Capital led the round with an investment of Rs 26.8 crore.