Indian Angel Network backed StyleDotMe raises Rs 3.5 crore in a Pre-series A funding round led by Survam Partners, which also witnessed Bobby Kothari, Director Jewelex India and other existing investors
StyleDotMe’s augmented reality platform, mirrAR, helps ewellery industry to facilitate customers try jewellery virtually.
With a client portfolio consisting of 150-plus jewellers like Tanishq, Kalyan Jewellers, Senco, HazooriLal Legacy, etc. across 28 cities, mirrAR is now ready to enter the global market, says StyleDotMe.
The investment will enable the startup to enter the global fashion retail market and scale its overall business.
Meghna Saraogi, co-founder & CEO, said, “Their backing and experience will allow us to expand in the global market and we are looking forward to capturing almost 50% of the market share across the biggest jewellery hubs: India, Middle-East and US by 2025.”
“Through our product mirrAR, we are looking forward to revolutionizing the whole shopping experience of a person through virtual and contactless try-ons. We are also extremely happy to see how our existing investors have re-invested in us, this shows we are going in the right direction and will always have their support.”
According to a report by Gartner, 100 million users will shop through AR online and in-store by the end of this year. In India, they expect the immersive media market to grow to $6.5 billion by 2022, while augmented reality is estimated to grow to $5.9 billion and virtual reality to $0.5 billion by 2022.
Indian Angel Network’s Ambarish Raghuvansh added, “IAN have supported StyleDotMe from inception and have participated in several rounds of fundraising since then. StyleDotMe is now poised to attain great heights with its emphasis on AR and VR and IAN investors continue to provide investing, advisory and business assistance to styledotme in its growth phase.”
MirrAR by StyleDotMe is now working on plans to enter into the eyewear & watches segment in India.