Relove receives $700,000 in pre-seed funding
- ByStartupStory | November 29, 2022
“Hearth Ventures is delighted to partner with the Relove team as lead investors in their pre-seed round raised in Q3 2022,” said Hearth Ventures’ co-founder and managing partner Shefali Chhachhi in a press release. “This investment underlines our focus on the circular economy and the need for greener lifestyle choices. Our decision to invest in Relove was driven by both the need for such a solution for fashion and lifestyle brands as well as a strong conviction in the founder’s ability to solve effectively for this challenge, given their experience, passion, grit, and execution focus.”
Anita Dongre, Aakrit Vaish, and Utsav Agarwal are among the angel investors who participated in the investment round. According to the company, the brand intends to use its new funds to expand its initiatives to promote circularity in the fashion industry.
“This funding is proof that our solution, while sustainable for the planet, also has a profitable growth model for us, our brands, and their consumers,” said Relove’s co-founder Kirti Poonia. “Through this funding, we are going to ensure scale by normalizing having a resell button on every website.” Relove, which began in November 2021, develops resale technology to reduce fashion waste while promoting brand loyalty and fostering consumer acquisition. Relove provides digital factory outlets to assist manufacturers in liquidating defective inventory and presently works with 40 labels in categories such as women’s clothing, men’s clothing, children’s clothing, and jewelry.
“We’re excited to have found the right partners to fuel the growth of circularity in India and tap into its enormous potential,” said Relove co-founder Prateek Gupte. “We aim to switch the narrative of sustainability from a burden on the company to a growth channel.”
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