Hyderabad-based D2C women’s fashion brand startup CloudTailor said it was oversubscribed 380 percent in the company's fundraising efforts for their pre-Series A funding round.
The funding round culminated in securing Rs 5 crores led by 35North Ventures, along with MergerDomo, where existing HNI investors Neema Rani from the US and Hyderabad-based Nirupa Reddy also participated.
The campaign was live on Tyke Invest for 20 days and one could subscribe to the Consumer Stock Option Plans with a starting amount of Rs 5,000.
The funds will be used to expand personalized fashion fulfillment centers in eight cities throughout India, including Hyderabad, Bengaluru, Delhi NCR, Kolkata, Pune, Chennai, Patna, and Mumbai. Additionally, Cloud Tailor's technology team and marketplace business models would also be bolstered with the funds.
Cloudtailor plans to use the raised funds for Fulfillment Center and Stores expansion, Marketing, Technology Team building and adding more app features for their customers globally, the firm said in a statement.
Karan Mehra, CEO of Tyke, said, “Our objective at Tyke has always been to democratize it by creating a private investment portal that can give investors the right opportunities to invest in upcoming startups. This also creates chances for startups to develop their presence through strong community groups backing them throughout their journey.”
Susmitha Lakkakula, Founder of Cloudtailor stated, “We have a robust expansion strategy in the pipeline, and this fundraiser will play a prominent role in seeing our plans come to fruition.”
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