Omnichannel fashion startup Lyskraft, co-founded by Mohit Gupta, the co-founder of Zomato, and Mukesh Bansal, co-founder of Myntra and Cultfit, has successfully raised $26 million in a seed funding round.
According to a press release by the company, Peak XV Partners spearheaded the funding round, which also included significant contributions from Prosus, Sofina, and partners of DST Global. Angel investors, including Deep Kalra and Rajesh Magow from Makemytrip and Zomato’s founder and CEO Deepinder Goyal, also participated in the funding.
Operating in stealth mode for several months, Lyskraft recently debuted with a premium pop-up store at Ambience Mall Gurugram and an online platform for market testing. The platform features over 15 handpicked leading women’s fashion brands and designers, with new additions every week. Customers can browse and shop these brands through the company’s website.
Initially focusing on women’s fashion, Lyskraft aims to expand into other lifestyle categories.
Headquartered in Gurugram, Lyskraft will be led by Mohit Gupta, the co-founder and CEO, and Mukesh Bansal, the co-founder and strategic advisor.
Gupta commented on the venture: “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. India’s deep roots in fabrics, craft, creative heritage, and manufacturing strength also put us uniquely positioned to play a large role on the global stage.”
Despite the challenging fundraising landscape, seed-stage startups have secured substantial investments at the beginning of 2024. Lyskraft leads the pack with $26 million, closely followed by generative AI startups Ema and Neysa, which raised $25 million and $20 million in their seed rounds. This year’s notable seed funding rounds include Origami, Optimo Loan, LightFury Games, and Veera.
