With fashion becoming more of a need than a want and middle-class disposable income soaring high, Indians are seen splurging money on making a style statement.
Fashalot, an O2O (online-to-offline) location-based fashion and store-discovery platform, is bringing ease to consumers’ efforts to find their best bet in fashion around them and reward them to shop.
Fashalot, based out of Gurgaon, was founded by three friends — Amit Sharma, Amit Koshal and Rishi Batra. Interacting with DH, Amit Sharma said the idea of starting the company was conceived when he failed to find stores where he can get appropriate dress for his child’s birthday. “I found it difficult to find stores in my locality to buy suitable birthday dress for my daughter. When we discussed this with my friends, the idea of Fashalot came up,” said Sharma.
The company launched its app in Feb 2016, and currently covers Bengaluru and Delhi-NCR with around 1,25,000+ app downloads. “We want to make fashion store discovery a hassle-free affair and more experiential for our consumers. Getting to know about in-store offers, exclusive deals, new arrivals was not possible till now if you don’t visit a market or mall. However now with Fashalot, shoppers are discovering this sitting at their home or office, and get incentivised with cashback for shopping at Fashalot partner stores” he said.
With increase of time spent by shoppers on their smartphones, and 98% of the fashion retail being offline, there was a need of technology to connect stores with shoppers. “We are giving cashback incentives in the form of global reward currency called F-cash. Customers can use it for shopping,mobile charge, and dining, among other things. They can also gift it to others,” he said.
When asked about the gross merchandise volume (GMV), Sharma said, Fashalot clocked ₹Rs 20 crore annualised in June 2016. “We are registering month-on-month growth of 100% and is expected to increase to ₹Rs 75-100 crore in the next 9 months” Sharma said. The company, which raised its pre-Series A funding led by YourNest and marquee investor Rajul Garg, is in talks to raise Series A funding.
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