Amar Nagaram’s startup eyes first funding round of $25 million
- ByTejika Bajaj | January 4, 2022
Amar Nagaram (former CEO at Myntra) is currently in advanced stages of talks with various prominent investors and angel investors to raise a funding round of $25-30 million for his new startup based along the lines of a fashion-tech platform.
Sources reveal that Nagaram has approached investors like Accel Partners and Falcon Edge to invest in the startup. Further, it is speculated that the co-founder of Myntra, Mukesh Bansal is also likely to invest into the startup under his personal capacity. If the funding round goes through, the startup would be valued at $100 million, thus making it one of the most valued startups in the idea stage.
Though the venture of the former CEO remains unnamed, the business model of the startup will rely on the consumer to manufacturing model which has previously been employed by the Chinese fashion brand Shien. The startup would primarily focus on customisation of consumer needs for fashion products and will solve consumer needs through technology. The Chinese model of manufacturing goods based on orders received would be followed.
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.
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