Fashion tech start-up Zapyle has raised $1 million in seed funding from Real Estate and Investment companies in Bengaluru to augment its operations. The start-up offers a combination of pre-owned fast fashion, premium and luxury fashion brands at prices ranging from Rs. 800 up to Rs. 1 lakh. It targets women between 18 to 30 years and charges a flat 25% commission on the sale value.
The company will utilise the fund raised for adding new features to its mobile app and acquire more customers. Zapyle sells leading brands such as Vera Moda, Chemistry, Mango and other designer wears at 30 – 80 per cent discount. The company is also planning to partner with international brands, stylists and bloggers in the coming future to provide more fashion options for its users.
Its mobile app allows users to upload images of pre-owned wearable in an ‘Instagram-like’ fashion. It has a predefined set of about 1,500 domestic and international brands that can be sold on the platform. The company undertakes background checks and quality assurance activities before permitting users to list their product on the platform.
The company provides a platform for women to discuss and share love for fashion. The platform lets women to buy and sell from 3,000 of the best pre-owned fast fashion, premium and luxury fashion brands on its site. In the first stag, Zapyle has brought fashion bloggers, TV actresses, and models to list their fashion attire.
Transactions on Zapyle will be enabled by this month-end, once the payment gateway integration is completed. Zapyle also offers the closets of 82 registered sellers, each of who have 10-50 fashion products to sell. The company has also launched its iOS and Android app which is divided into 4 styles – Boho, Chic, Trendy, and Classic, which let the users discover their styles and personalize their newsfeed as per their requirements.
Zapyle was founded in May 2015 by Menda, who holds a degree in Economics and Finance from University of Minnesota. She has worked with EY (formerly Ernst and Young) before founding Zapyle. Zapyle competes with Mumbai-based Armoire Lifestyle Pvt Ltd, which runs online platform for women’s luxury wear Envoged. It allows owners of luxury goods like handbags, footwear and accessories to sell them on the platform.
