Lyskraft Emerges from Stealth Mode with $26 Million Seed Funding

Mohit Gupta & Mukesh Bansal
Preeti Bali / 1:59 pm / April 26, 2024

Lyskraft, a new player in the omnichannel fashion scene, has emerged from stealth mode after securing a staggering $26 million in seed funding. The company, co-founded by Zomato’s Mohit Gupta (CEO) and Myntra and Cultfit’s Mukesh Bansal (strategic advisor), has ambitious plans to disrupt the premium fashion market in India.

Investment Powerhouse Backs Innovative Vision

The impressive seed round was spearheaded by Peak XV Partners, a venture capital firm known for its support of promising startups. Renowned investors including Prosus, Sofina, and partners from DST Global also participated in the funding round. Lyskraft’s vision attracted additional support from angel investors – Deep Kalra and Rajesh Magow of MakeMyTrip, and even Zomato founder and CEO Deepinder Goyal.

Building Buzz Through Strategic Testing

Lyskraft has strategically operated in stealth mode for the past few months, meticulously crafting its approach. To gauge market response and refine its offerings, the company recently launched a captivating pop-up store at Ambience Mall Gurugram, complemented by an online platform. This market testing initiative showcases a curated selection of over 15 leading women’s fashion brands and designers, with fresh additions introduced weekly. Customers can seamlessly experience and purchase these brands through both the physical pop-up and the online platform.

Expansion Beyond Fashion Horizons

While Lyskraft initially focuses on premium women’s fashion, its vision extends far beyond. The platform is designed to expand into additional lifestyle categories, offering a comprehensive and curated selection for discerning customers.

Leadership and Vision for the Future

Lyskraft will establish its headquarters in Gurugram, India. Mohit Gupta will spearhead the company’s growth trajectory as co-founder and CEO, leveraging his extensive experience in the e-commerce domain. Mukesh Bansal will provide invaluable strategic guidance as co-founder and strategic advisor.

Gupta, the CEO, shared his vision for the company, stating, “The future of retail lies in omnichannel experiences, especially for premium fashion segments where tactile experiences and product interaction significantly influence consumer decisions. India’s rich heritage in textiles, craftsmanship, design, and manufacturing capabilities positions us perfectly to play a leading role on the global stage.”

Standing Out in a Competitive Landscape

Lyskraft’s impressive seed funding haul stands out even amidst the current challenging fundraising environment. While the company leads the pack with its $26 million, other notable seed funding rounds in 2024 include Generative AI startups Ema ($25 million) and Neysa ($20 million). This funding spree underscores the continued investor confidence in innovative startups with disruptive potential.

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