Lyskraft, a fashion startup with an omnichannel strategy has secured $26 million in a seed funding round to accomplish its goal of becoming a niche fashion and lifestyle firm.
“At its core, venture investing is about partnering with India’s best entrepreneurs to build generational companies. We are excited to work with Mohit, who has seen two ideas to IPO journeys – MakeMyTrip and Zomato, on the vision to build Lyskraft as a category-defining fashion and lifestyle company,” said Mohit Bhatnagar, Managing Director at Peak XV, in a statement.
Developed quietly over recent months, Lyskraft, created by Zomato’s Mohit Gupta and Myntra’s Mukesh Bansal, provides a handpicked selection of over 15 women’s fashion brands and designers, with fresh additions introduced weekly.
Headquartered in Gurugram, this omnichannel fashion and lifestyle startup has just launched a premium pop-up shop at Ambience Mall in Gurugram and intends to sell its collection online, as stated in a release.
“The future of retail is omnichannel, especially for categories like premium fashion, where touch, feel. and experience of the actual product are key to consumer choice in the category,” said Gupta in the statement.
“India’s deep roots in fabrics, craft, creative heritage, and manufacturing strength also puts us in a unique position to play a large role on the global stage.” While Gupta will lead the startup as co-founder and CEO, Bansal will be a strategic advisor to the business besides being the co-founder. Gupta added.
Lead investor Peak XV has earlier backed Chennai-based Go Fashion, making 16X returns in 2023 after selling its remaining stakes in the publicly listed women’s apparel maker.
The funding was led by Peak XV Partners, and Prosus, Sofina, and Partners of DST Global also participated. Deep Kalra (former CEO and Founder of MakeMyTrip), Rajesh Magow (CEO of MakeMyTrip), and Deepinder Goyal (CEO and Co-founder of Zomato) also invested in the company.
