Reevoy – Redefining fashion supply chain

• ByStartupStory     |    October 14, 2022

“Currently, other companies in the market are providing sourcing and supply chain services for buyers and manufacturers. We at Reevoy are using our tech platform to give users first-hand experience in global brands for fashion and home décor to buy from manufacturing economies at the click of a button. Our company’s vision is to enable players in the global fashion trade to leverage market insights on design trends and improve delivery timelines. We want to provide a world class supply chain infrastructure to all the players in the ecosystem.” – said Ankur khetan, the CEO & Co-Founder of Reevoy in an exclusive interview with Startup Story.

Ankur Khetan has completed his MBA in Finance and Marketing from the Indian School of Business (ISB). He belongs to a textile family and has done his studies as a textile engineer from IIT Delhi, after completing his degree in  Engineering, Ankur worked with a number of firms such as Oracle, Deutsche Bank and The Parthenon Group. His global exposure across various fields including strategy, technology, and startup experience has always kept him at a place of good balance between chaos and structure. 

He has always had a flair for business and entrepreneurship, even during the early days of his graduation, the Entrepreneurship development cell appointed Ankur as the President, wherein he founded a platform called Findyourchef.com- a delivery app that helped people to order food from different restaurants and successfully collaborated with 70 + restaurants. Not only this, he was also selected to represent IIT-D for delegation at Stanford University for an entrepreneurship program.

Idea Behind The Startup

Way long before he set out on his entrepreneurial journey, Ankur was exposed to the manufacturing industry ; being the son of a garment retailer, he learned and understood a lot about the inner- workings of the industry while working with his father. He was deeply involved in the ecosystem, helping his father with managing orders and season inventory, he noticed the fast stockouts of popular selling items and excess of slow-selling items, he also analysed the environment around him and soon discovered the immense potential the industry held.

One of the greatest challenges in the industry was the lack of infrastructure- “Today, around 50 per cent of the global fashion trade is facilitated through middlemen, bringing in several inefficiencies owing to the fragmented nature of the middlemen. The top 5 buying houses in India (PDS, Triburg, New Times, Impulse) account for less than 10% of India’s fashion trade globally.”-Ankur commented.

Inspired to solve this challenge, he started Reevoy– a one-stop solution for global retailers and exporters. Ankur has always taken the qualms of small manufacturers seriously, empowering manufacturers was a huge focus when he started his journey with Reevoy. His vision for Reevoy was to change the textile business model by introducing small manufacturers across the globe to the industry and helping them enjoy its benefits by connecting them to retailers. 

The Journey So Far

Reevoy is a frictionless global fashion trade platform connecting retailers and manufacturers. The company helps the parties right from discovery, design, timely delivery and quality. Reevoy’s unique approach to disrupting the market using its technology platform and highly qualified professionals working with retailers and manufacturers help it produce the best quality goods in record time. Reevoy’s vision is to enable players in the global fashion trade to leverage market insights on design trends and improve delivery timelines so players can enjoy better PnL.

They launched their start-up in October 2020. There is no doubt that Covid was a time of distress for the economy, but it forced everyone to think out of the box, with digitization of everything increasing multifold and seeing record levels, it was the best time for them to start. The pandemic prepared them to build their processes and business model around the future of fashion.

Since its inception, They have had only a handful of importers and factory collaborations; however, they have come a long way and have currently added 20% revenue to the top line of exporters by increasing their business; and providing quality products at the best price to the retailers. They have launched a platform with sustainable solutions by providing supply chain transparency and are now working on AI/ML models to predict design trends and minimize time to market for the supply chain. Reevoy, which already has more than 10 retailers and 80 + factories worldwide, plans to expand it to 200 + factories in the following year. The company shipped one million pieces to date in 2022 and is looking to send another two million articles in the remainder of the year. 

About The Team

With a team of ~60 members working from Mumbai, Delhi, Dhaka, Dubai- Empowering small manufacturers is a vision shared by all of them. Ishan Dadhich and Mohit Agarwal, the co-founders of the company have also been closely associated with the manufacturing industry. Ishan’s father was a garment manufacturer and has been a supplier to large retailers such as VMart. He is well aware of the pain manufacturers witness due to the inaccessibility of guidance and information on design, delivery, execution, and inventory management, among others. Meanwhile, Mohit Agarwal has spent over five years in investment banking and is an expert in dealing with debt capital markets, and M&E, among others. His stint with Zomato (while at BCG) and Flixbus is significantly impactful for manufacturers whilst facing challenges associated with global markets.

All three co-founders understand each other’s vision of the company’s future, they have always encouraged and supported their team members in a way where people are able to share different ideas and propositions freely. They have created a team where people have a sense of ownership and responsibility, which makes them strong and confident. Giving constant feedback has always played a crucial role as a team player; this enables employees to understand and grow more by strengthening the core in their area of expertise.

Talking about customer experience Ankur stated-“Customer experience is the top priority at Reevoy. Our entire team works closely with our customers to improve our processes and products.” he added- “ We did face certain challenges in the initial stages of startup, in terms of finding the right PMF; however, now Reevoy is a well-known brand within the locations it operates. We are excited about making Reevoy synonymous to the global fashion trade.” when asked to talk about the challenges they have faced so far.

Current Funding And Plans For Future

As of now they have raised funding worth 4 million (30 cr) in the seed round led by 9 Unicorns which include Better Capital, VCATs along with super angels consisting of Anupam Mittal, Alok Bansal, Aman Gupta, Neha Singh and Kunal Shah.  In the last 12 months they have seen great traction and are now looking to expand their network. They aim to establish the name of their company as an analogue to global fashion trade.

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