AI app to ‘Mirrorsize’ apparel

Abhishek Law Kolkata | Updated on January 27, 2020

Arup Chakraborty, Founder and CEO, Mirrorsize

US-based tech start-up to scale-up operations; raise first round of funds

US-based tech start-up, Mirrorsize that provides body measurement and apparel size recommendation solutions is planning to scale-up operations and go for its first round of fund-raising, post March this year.

The company offers artificial intelligence or AI-enabled device agnostic body scanning so that users get “precise body measurements” on tablet PCs and smartphones. It can be accessed via app (on both iOS and Android) or the website by individual users. It also operates on a licensing model with brands and apparel companies.

Offerings are expected to help boost online sales across brands and e-tailers, reduce returns and help the made-to-measure industry. In fact, fitness focused tech companies are also exploring usage of its solutions.

Ramp up presence

According to Arup Chakraborty, Founder and CEO, Mirrorsize is eyeing a fund raise of $5 million towards the second half of this year. Funds will be used mainly to ramp up global presence that includes marketing activities, and focus on research and development.

“We are planning our first fund-raising later this year. We hope to raise around $5 million. By June-August, we should be able to get the money. Funds will go towards building the marketing team and focussing on global markets,” he told BusinessLine.

Chakraborty says he has already received acquisition offers. But these “term sheets” have been declined. The intent is to scale up operations. It has recently filed for patents and is working on strengthening its advisory board.

Scaling up

According to him, Mirrorsize has already initiated discussions with different brands both in India and abroad — like Calvin Klien and Tommy Hilfiger — for licensing pacts. At present, 96 brands are already on-board.

Different e-commerce marketplaces have shown interest, while some designers are also in discussion for using Mirrosize’s technology for their made-to-measure or customised clothing. Currently, licensing pacts form the only source of revenue for the start-up.

This apart, the company is also exploring an alternative revenue model where it earns a certain percentage on the savings that tailors and brands make following reduction in returns (from online sales). “We are exploring different revenue models,” he said, adding that getting “one large brand” would help Mirrorsize “turn profitable”.

Typically, it is being said, nearly 30 per cent online users drop out before an online purchase because of size and fit issues. Of those who purchase, returns (because of size) range between 25 and 40 per cent.

Published on January 27, 2020

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