Gurugram based fashion tech startup StyleDotMe announced that it has raised a total of Rs 3.5 crore in a Pre-series A funding round which was led by Survam Partners followed by Bobby Kothari (Director Jewelex India) as a Strategic Investor and with continued participation from their existing investors in IAN (Indian Angel Network).
StyleDotMe boasts an augmented reality(AR) service, mirrAR, Which claims that it has revolutionised the jewellery industry by enabling virtual try ons to its customers real-time. With a client base consisting of 150 plus jewellers like Tanishq, Kalyan Jewellers, Senco, and HazooriLal Legacy, across 28 cities, mirrAR is now ready to penetrate the global market.
According to a report by Gartner Inc, 100 million users will shop through AR online and in-store by the end of 2020. In India, the augmented reality market is estimated to grow to $5.9 billion and virtual reality to $0.5 billion by 2022
Meghna Saraogi, Co-founder and CEO, shared,
“We truly believe that our product has the potential of reinventing how consumers shop in today’s world and that conviction drives everything we do and we’re excited to have found a set of partners whose ideals align with ours. Their backing and experience will allow us to expand in the global market and we are looking forward to capturing almost 50 percent of the market share across the biggest jewellery hubs: India, the Middle-East, and the US by 2025.”
mirrAR is a powerful tool that helps jewellers sell without having any real physical inventory or even any physical space over and above providing an experience for their customers both offline and online. While the offline in-store solution allows consumers to virtual try-on jewellery and make selections in a contactless manner, the webAR solution facilitates try-ons for customers across the globe through their laptops/mobile phones.
Especially during this pandemic, where social distancing and sanitisation is the new normal, mirrAR said it will allow brands to open up their digital stores and also give a safe experience to their customers across channels.
Akshay Munjal from Survam Partners said,
“Meghna and the team have an in-depth understanding of the challenges that the retailer community faces today and the need-gap that exists from a shopper’s lens. Their customer-centric approach to innovation and that passion to revolutionise the industry is what has drawn us to StyleDotMe.”