Augmented reality fashion tech startup StyleDotMe has raised Rs 3.5 crore in a Pre-series funding round led by Hero MotoCorp’s family office Survam Partners. Others who participated in the funding round included Bobby Kothari, Director, Jewelex India as a strategic investor, and existing investor Indian Angel Network.
Meghna Saraogi founded the Delhi-based platform owned by StyleDotMe Fashion & Lifestyle Pvt Ltd, and Akhil Tolani in 2015, whose augmented reality platform mirrAR helps jewelry industry to facilitate customers to try jewelry virtually. The platform has a client portfolio of over 150 jewelers, including names like Tanishq and Kalyan Jewellers across more than 28 cities.
As reported by CNBC (1), Meghna Saraogi, co-founder & CEO, while talking about the deal said,
“Their backing and experience will allow us to expand in the global market and we are looking forward to capturing almost 50% of the market share across the biggest jewelry hubs: India, Middle-East, and the US by 2025.”
Safer shopping experience
The platform would be expanding its reach globally and wishes to revolutionize the shopping experience for a person through its virtual and contactless try-on.
StyleDotMe’s mirrAR helps jewelers sell without having any real physical inventory at hand, over and above, providing an experience for their customers both offline and online. A user can use the mirrAR to check how any jewelry would look on them in person with the use of AR technology, allowing them to make better decisions on what to buy and what not to buy.
Given that everyone wants to maintain social distancing during this time to prevent catching the Coronavirus disease, mirrAR comes in handy, allowing brands to open up their digital stores and give a safe experience to their consumers across channels.
mirrAR by StyleDotMe plans to foray into the eyewear and watches segment in India as well.