Styched, an e-commerce startup, based out of Bengaluru, has raised an undisclosed amount of angel funding from a slew of angel investors, reported Yourstory.
The company Styched will use the infused financials to hire more people, invest in marketing, and to open its first overseas office towards becoming a global fast-fashion online brand.
The startup Styched also plans to incorporate digital marketing and influencer strategies to grow its user base.
Styched is a newly-launched startup, founded by Soumajit Bhowmik, and Saswata Banerjee in early 2019. The platform Styched is looking to become an affordable global fashion brand in the online space, targeting millennials in the 16-30 age group.
Soumajit claims Styched’s orders have grown from a meagre 20 in February 2019, when the company was started, to more than 5,000 in September 2019, and is growing at more than 60 percent month-on-month.
He stated Styched had been profitable since day one, and the team plans to raise the next round by May-June 2020.
Furthermore, according to a report by Deloitte, the ecommerce market is predicted to touch $1.2 trillion in 2021, against its current size of $200 billion.
Factors such as increased internet penetration, digitisation of payments, and mobile wallet transactions are contributing to a CAGR of 32 percent for the ecommerce industry, the report added.
Some of the significant e-commerce startups under the similar roof include Flipkart, Amazon, Myntra, Jabong, Shopclues, and many more.