Lyskraft Secures $26M in Seed Funding Led by Peak XV to Revolutionize Omnichannel Fashion Retail

• ByStartupStory     |    April 29, 2024

Lyskraft, an innovative omnichannel fashion and lifestyle platform based in Gurugram, has announced a successful seed funding round, raising $26 million. The investment was led by venture capital firm Peak XV Partners, with significant contributions from Prosus, Sofina, and Partners of DST Global. Notable personal investments came from industry stalwarts including Deep Kalra, Rajesh Magow, and Deepinder Goyal.

Founded by Zomato co-founder Mohit Gupta and Myntra founder Mukesh Bansal, Lyskraft has been operating in stealth mode over the past few months. The platform provides a carefully curated selection of over 15 top women’s fashion brands and designers, with plans to add new designers weekly. In a strategic move to blend online and offline retail experiences, Lyskraft recently inaugurated a premium pop-up store at Ambience Mall in Gurugram and simultaneously maintains a robust online presence.

“The future of retail is omnichannel, especially for categories like premium fashion, where touch, feel, and experience of the actual product are key to consumer choice in the category,” stated Mohit Gupta, co-founder and CEO of Lyskraft. He further emphasized the unique position of India in the fashion industry, adding, “India’s deep roots in fabrics, craft, creative heritage, and manufacturing strength also puts us in a unique position to play a large role on the global stage.”

The fresh capital will be directed towards expanding Lyskraft’s brand offerings and enhancing the customer experience both online and offline. Mohit Gupta, who has previously been part of two successful IPO journeys with MakeMyTrip and Zomato, will lead Lyskraft as CEO. Mukesh Bansal will serve as a strategic advisor while also being a co-founder.

Peak XV’s lead in this funding round follows their successful investment in Chennai-based Go Fashion, where they earned a 16X return in 2023 after selling their stakes in the publicly listed company. Mohit Bhatnagar, Managing Director at Peak XV, expressed enthusiasm about their latest venture, stating, “At its core, venture investing is about partnering with India’s best entrepreneurs to build generational companies. We are excited to work with Mohit, who has seen two ideas to IPO journeys – MakeMyTrip and Zomato, on the vision to build Lyskraft as a category-defining fashion and lifestyle company.”

Follow Startup Story