Saritoria, a pre-loved brand, raises $500,000 in funding
- ByStartupStory | December 19, 2022
A premium clothing resale website founded in 2021 has raised $500,000 in funding based on the success of its MVP (minimum viable product) in its first year of operation. With the cash generated, the brand intends to invest in technology and expand the pre-owned business, including the creation of a sophisticated mobile application early next year.
The app seeks to improve the user experience and services while also listing carefully chosen collections of second-hand goods from European and American labels such as Jimmy Choo, Gucci, and Burberry, to name a few.
According to Saritoria, there will also be a new and updated version of the website, with hundreds of products being featured each month. Furthermore, the money raised will be used to capture the consumer base in the core areas of Mumbai and Delhi, where Saritoria sees tremendous growth prospects, as well as to help it expand into additional Indian markets.
Commenting on the funds raised, Pernia Qureshi, co-founder and creative director, said, “It is so exciting and encouraging to see people we admire believe in Saritoria and be this forthcoming in investing with us. We have a shared vision of revolutionizing fashion space in India and have built a beautiful and powerful community of angels to take us one step closer to our goal.”
Shehlina Soomro, Co-founder, Saritoria, added, “I am extremely proud of what the team at Saritoria has achieved at such an early MVP stage. I’m even more excited for the impact that can be made now with funding—we’re looking forward to improving the tech experience for our valuable customers as well as expanding our reach within India.”
Saritoria was founded as a global resale platform in India to buy and sell pre-loved South Asian clothing, with the goal of capitalizing on the US $ 18 billion South Asian resale market for both local Indians and the diaspora.
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