TLDR:
- Mohit Gupta and Mukesh Bansal’s omnichannel fashion startup, Lyskraft, raises $26 million in seed funding.
- The startup will focus on offline play in the premium women’s wear fashion category.
Mohit Gupta, a former Zomato executive, and Mukesh Bansal, the founder of Myntra, have raised $26 million in seed funding for their fashion startup, Lyskraft. The funding comes amidst a funding crunch and will help the startup build an omnichannel marketplace for premium brands, starting with women’s fashion. The round was led by Peak XV Partners, and other investors include Prosus, Sofina, DST Global, and industry veterans like Deep Kalra, Rajesh Magow, and Deepinder Goyal.
Gupta will serve as the CEO of Lyskraft, while Bansal will be a strategic advisor and a shareholder with no operational involvement. The startup aims to focus on the premium women’s wear fashion category initially and expand into other lifestyle segments later. Gupta believes that the premium fashion market in India needs a different approach, with a focus on omnichannel solutions rather than just online or offline stores. Lyskraft will curate its offerings both online and offline and intends to compete with existing players like Nykaa Fashion, Myntra, Ajio, and Tata Cliq.
The startup plans to leverage the increasing trend of premiumization in consumer categories and address the unique challenges of the women’s fashion category. Lyskraft aims to create a curated omnichannel experience for customers, recognizing the need for a differentiated approach in the market. The current addressable market for Lyskraft is estimated to be worth a few billion dollars, with projections to grow significantly in the coming years.
Overall, the seed funding round for Lyskraft highlights the continued investor interest in ventures led by experienced entrepreneurs and industry veterans. The startup’s focus on building a premium omnichannel fashion marketplace reflects a strategic approach to capturing a growing market segment in India.
