Fashion start-up Elanic raises seed funding to fuel expansion
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Bengaluru: Elanic, a peer-to-peer marketplace for used women’s fashion products, said it raised an undisclosed amount in seed capital from venture capital firm Rebright Partners, Sachin Bansal and Binny Bansal backed-TracxnLabs and angel investor Aneesh Reddy.
Elanic, which is a mobile app-based platform, connects shoppers who want to sell used fashion brands such as Mango, Forever 21 and Zara to buyers. The company inspects items for authenticity, wear and tear and size before shipping items.
“Our idea is to build a platform that would make it ridiculously simple to buy and sell gently used items,” co-founder Abhilash Narahari said. “By taking care of all the hassles involved we want our users to enjoy the same conveniences that they are used to when shopping online.”
While there are other peer-to-peer re-selling platforms such as Quikr and Olx, Elanic is betting that fashion products require a specialized service.
Elanic, which is currently available in Bangalore, offers clothing, footwear and accessories at prices that are 70% lower than the original prices of the products.
Many women don’t use a large part of their purchases more than three times so re-selling women brands is potentially a large opportunity, said Abhishek Goyal, co-founder of Tracxn, which runs TracxnLabs.
Elanic is one of the several start-ups including Reglobe, Budli and Zoomo that have come up in the business of re-selling or re-commerce of electronics, apparel and other consumer goods. To win new customers and lure people away from online classifieds as well as offline stores, these re-commerce companies offer product specialization, a more scientific price discovery mechanism and higher convenience to bring the second-hand goods market online and to create one for products such as apparel.