Mukesh Bansal, known for his role, in creating Myntra and Cultfit is ready to bring a wave of change to the world of high-end fashion for the younger generation. Working alongside Zomato co-founder Mohit Gupta they are currently engaged in discussions to secure a substantial $50 million investment from reputable investors such, as Peak XV Partners and Accel. These exciting developments are taking place within India’s thriving e-commerce industry.
Entrepreneur Mukesh Bansal, known for founding the fashion e-commerce platform Myntra and fitness startup Cultfit is reportedly, in discussions to secure funding for his venture focused on premium fashion catering to Gen Z. Teaming up with Zomato co-founder Mohit Gupta Bansal is said to be in stages of finalizing a Series A funding round of $50 million. Prominent investors such as Peak XV Partners and Accel are expected to participate in this funding round.
According to sources Peak XV is likely to lead the investment with Accel joining as a participant. The aim is to raise around $40 to $50 million at a monetary valuation of $100 million. As for the aspects Gupta will be based in Delhi driving execution strategies while Bansal will continue overseeing Cultfit from Bengaluru.
Bansal brings experience in the e-commerce domain with his journey at Myntra, where he played a pivotal role in revolutionizing the fashion e-commerce segment. Additionally, he has made investments in Virgio. A fashion destination specifically catering to Gen Z. Founded by Amar Nagaram, an executive at Myntra.
On the hand, Gupta recently left Zomato in 2022 after serving as CEO of its food delivery vertical and being elevated as co-founder back, in 2020.
The recent development comes at a time when many e-commerce companies are focusing on Gen Z shoppers due, to their shopping habits. On Thursday (August 17) Flipkart launched a fashion within its app called SPOYL specifically targeting Gen Z customers. SPOYL offers over 40,000 products across categories like wear, accessories, and footwear.
This year Myntra introduced FWD, a fashion experience portal on its platform aimed at attracting 10 million Gen Z users within the next two years.
According to a report by a VC firm one out of every three shoppers in India belongs to Gen Z. Their first online purchase is typically from the fashion category. Falls into the price range. Consequently, Indian e-commerce platforms have been actively catering to this emerging generation of consumers.
As of 2022, the fashion and apparel market in India was valued at $20 billion. Experts predict that by 2030 it will grow into a $112 billion opportunity accounting for, then a quarter of India’s $400 billion e-commerce potential. This information is based on the ‘State of Indian E-commerce Q2 2023’ report.
