India’s first 60-minute fashion delivery platform, Slikk Club, raises $3.2 million to enhance its operations and expand into Tier 1 and Tier 2 cities.
Slikk Club, which has gained recognition as India’s first 60-minute fashion delivery platform, has successfully raised $3.2 million in an all-equity seed funding round. The funding round was led by Lightspeed and saw participation from Multiply Ventures, existing investors, and several notable angel investors including Abhishek Goyal of Tracxn, Abhinav Pathak from Perpule, Madhav Tandan, Nikhil from Panthera, and Saurabh Gupta of DST Global, as reported by IndianWeb2.
The funds will primarily be directed toward scaling operations in Bangalore, enabling Slikk Club to service 80% of the city’s pincodes through a network of multiple dark stores. This expansion is part of a broader strategy to enhance the company’s position in the fast-fashion market by increasing its operational footprint across Tier 1 and Tier 2 cities over the next five years. Moreover, Slikk Club aims to diversify its offerings into more than seven lifestyle categories, utilizing advanced technology to ensure a seamless shopping experience.
Slikk Club’s unique selling proposition includes not only rapid delivery but also a comprehensive shopping experience. The platform features a Try & Buy model that allows customers to evaluate items before committing to a purchase and offers instant refunds, making fashion shopping more convenient. As articulated, “Beyond just speed, the company offers a seamless, full-stack shopping experience with curated selections, instant deliveries, and hassle-free returns.” The venture stakes its claim as the ultimate destination for last-minute fashion needs with a portfolio that includes over 80 brands, such as Snitch, The Souled Store, and Bewakoof.
Co-founded by Akshay Gulati, Om Prakash Swami, and Bipin Singh, Slikk Club caters to a demographic that includes college students and young professionals who are significantly influenced by social media trends. Since its inception, the company has demonstrated remarkable growth, reportedly doubling its scale month-on-month to meet the demands of its impulsive and trend-driven customer base.
With the Indian fashion market valued at $11 billion and the beauty and personal care market exceeding $34 billion, Slikk Club is strategically positioned to capitalize on the burgeoning demand for hyperlocal, fast-fashion solutions. Lightspeed, the lead investor in this funding, is a prominent global venture capital firm that manages approximately $25 billion in assets across various sectors, including consumer goods and technology.
This round of funding represents a significant milestone for Slikk Club as it works to solidify its leadership within India’s fast-fashion sector through innovative delivery solutions and a dedicated customer-centric focus. As the company continues to evolve, it aims to reshape the landscape of fashion e-commerce in the country.
Source: Noah Wire Services
