Myntra’s co-founder Mukesh Bansal, who now runs Cultfit and is a president at Tata Digital, will also invest in his personal capacity in Nagaram’s startup — a fashion tech platform– sources aware of the matter said. If the deal goes through at a $100 million valuation, it will be among the most valuable startups in the idea stage. “The round is almost final with these investors participating in it and one more backer expected to join in,” a person aware of the matter said.
The venture, which is as yet unnamed, will focus on customisation of consumer needs for fashion products. It will rely on the consumer-to-manufacturing model. “They will look to solve consumer needs in fashion through technology and deploy the Chinese model of manufacturing goods based on the orders being received,” this person said.
Chinese company Shein, which has created a major market for itself globally, is among the first ones to execute this model. It helps reduce the cost of storing inventory and caters to specific needs of customers.
Nagaram, worked at Flipkart for almost seven years before moving to Myntra as its CEO in 2019.
When contacted by ETtech, Nagaram declined to comment on his startup and the financing.
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Emails sent to Falcon Edge and Accel did not elicit any response while Bansal did not respond to messages sent by ET.
Nagaram was elevated to the CEO position at fashion etailer Myntra after its previous chief executive Anath Narayanan quit shortly after Walmart Inc completed the acquisition of the Flipkart Group in August 2018.
Nagaram’s venture will target the new-age shoppers aiming to address their fashion needs based on ongoing trends. This is different from the traditional way of following season-based products, people aware of the company’s plans said.
This is increasingly becoming popular in markets like the US, too. It uses algorithms to predict demand from customers and works with manufacturers accordingly.
