Mukesh Bansal is embarking on his next entrepreneurial journey. With a keen focus on the younger demographic’s evolving fashion preferences, Bansal is currently in advanced talks to secure a substantial $50 million in funding for his cutting-edge Gen Z-centric fashion startup. This move marks his continued commitment to innovation and shaping the future of the fashion industry.
Mukesh is reportedly engaged in discussions to secure funding for his latest venture in the realm of premium fashion, with a distinct focus on catering to Generation Z.
Bansal, in collaboration with former Zomato co-founder Mohit Gupta, is currently in advanced negotiations to finalize a Series A funding round amounting to $50 million. The notable investors showing keen interest in this funding endeavor include Peak XV Partners and Accel, as stated by a report on Moneycontrol.
Leading the funding round is expected to be Peak XV Partners, with the participation of Accel also confirmed. According to the report, Mukesh Bansal has been actively engaged in dialogues with multiple potential investors to raise an impressive sum ranging from $40 million to $50 million, ultimately leading to a post-money valuation of an estimated $100 million.
The latest enterprise will see Mohit Gupta stationed in Delhi to spearhead the execution strategy, while Mukesh Bansal continues to be based in Bengaluru, overseeing the operations of Cultfit.
Will Mukesh Bansal succeed in his next move as investor?
Having gained invaluable experience in the e-commerce landscape through the foundation of Myntra, which pioneered the fashion e-commerce sector, Mukesh Bansal’s strategic acumen is widely acknowledged. He has also ventured into the investment sphere with a focus on Gen Z-centric fashion hub, Virgio, a brainchild of Amar Nagaram, a former executive of Myntra.
A significant development occurred when Gupta decided to exit Zomato in 2022. Notably, he had previously held the role of CEO of Zomato’s food delivery division, and his ascendancy to the position of co-founder took place in 2020.
In accordance with a report released by Bain & Co., the younger demographic of Generation Z accounts for one in every three online shoppers in India. Their initial online purchases predominantly gravitate towards the fashion category, especially within the entry-level price range. As such, e-commerce platforms within India have been proactively targeting this upcoming consumer base.
The fashion and apparel sector exhibited a valuation of $20 billion within India as of 2022. With projections from Inc42’s ‘State of Indian Ecommerce, Q2 2023’ report, this segment is poised to burgeon into a $112 billion opportunity by the year 2030. This remarkable trajectory will account for over a quarter of India’s anticipated $400 billion e-commerce potential by the stipulated period.