AMJ ventures invests $2 million in Alia Bhatt's fashion startup1 min read . Updated: 14 Nov 2019, 07:10 PM IST
- The startup will use the funds towards building out further capabilities in machine learning and in strengthening its moat on the personalisation front
- The funds will also be used to build a strong pan India presence.
US-based investor AMJ Ventures announced on Thursday an investment of $2 million into StyleCracker, Bollywood actor Alia Bhatt’s fashion tech startup.
The startup will use the funds towards building out further capabilities in machine learning and in strengthening its moat on the personalisation front, according to co-founder and Managing Director, Dhimaan Shah.
The funds will also be used to build a strong pan India presence. 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, he added.
Commenting on the deal, 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"
AMJ Capital already has multiple successful investments in the US and is now looking at growing and expanding its portfolio in India. Existing businesses where AMJ has made investments in India include Avail Finance, a Bangalore-based loan financing service; and Propelld, a company which provides finances for higher education courses.
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.