StyleCracker, a fashion tech startup, backed by Bollywood actor Alia Bhatt, has raised $2 million investment from AMJ Ventures, cited Mint.
The firm StyleCracker will utilize the infused financials towards building out further capabilities in machine learning and in strengthening its moat on the personalization front.
The funds will also be used to build a strong pan India presence.
Anish Patel, founding partner at AMJ Ventures said, “Style cracker has shown great potential. The business has successfully maintained a low exchange and return rate which is nearly 1/3rd of what ecommerce sites have”
StyleCracker was founded by Dhimaan Shah and Rashi Agarwal in 2013. According to Shah, StyleCracker has grown at a CAGR of over 150% and is on track to grow the business over 250% this financial year, after its funding from AMJ Ventures.
StyleCracker offers deep personalisation to the consumer and with AMJ’s investment, the startup sees a huge opportunity in using technology to decode the fashion needs of the Indian consumer.
Whereas, AMJ Capital already has multiple successful investments in the US and is now looking at growing and expanding its portfolio in India.