Venture Catalysts facilitates investment in fashion re-commerce platform CoutLoot

Mumbai, Aug 4

Venture Catalysts, an integrated incubation platform, has facilitated an undisclosed pre-Series A investment in CoutLoot, an online platform for buying and selling of pre-owned products.

The funding round was led by investor Anuj Puri, and also saw participation from Artha India Ventures, Sidharth Kothari, VCats President Dr. Apoorv Ranjan Sharma, Dheeraj Jain of Redcliffe Capital and others on Venture Catalysts' platform.

Originally incepted as a selling-only platform in Mumbai, CoutLoot currently provides services in 14 cities across India. It has achieved more than 1,00,000 app downloads, processes more than 200 daily orders and sees over 1,500 daily listings. It has revamped over 50,000 closets in the last year alone. Currently re-selling clothes, bags, shoes, and accessories, the service also has exclusively partnerships with leading celebrities to re-sell items from their own personal closet through its ‘Celebrity Closet’ feature.

Apoorv Ranjan Sharma, co-founder & President, Venture Catalysts, said, “The young and diverse team at Coutloot has ensured that the platform is emerging as arguably the most significant player in the huge and untapped preloved fashion segment. In the 'shared economy, fast fashion' space, CoutLoot has emerged as a disruptive organisation. Being the leader in this segment, it is the only service provider that focusses on curation and has the largest ticket size in this segment. We are proud to be associated with this platform and believe that this round of funding will help them to further expand their product and client base, along with developing technologies to make the entire process more seamless for its users as well as expand all over India."

Jasmeet Thind, co-founder of CoutLoot, said, “The funds will be utilised towards scaling up, hiring consumer-driven talent, and marketing, as well as to build a bigger buyer-seller fashion community in the country. With the current addressable market size estimated to be around $88 billion, there is a huge business volume/ value potential in this space. As CoutLoot sees a high repeat rate on both the seller and buyer sides, we are confident of getting new users and converting them into repeats. With the funds providing us a major shot in the arm, we are looking to build a robust business, with profitability now only a few months away."

Published on August 04, 2017

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