Coutloot a Fashion E-commerce platform has raised an undisclosed amount of funding from Venture Catalyst. This is the first investment for Venture catalyst in e-commerce sector. The funds will be utilized in strengthening of the technology, team expansion and Campus Trendsetter a new program in schools and colleges across country.
Coutloot was founded in November last year by Mahima Kaul, Vinit Jain, Sahil Khimavat and Jasmeet Thind. It organise a product and deliver it to the buyer and paying the seller. With just a click the seller can sell their products on their platform. The app is available on both iOS and Android platform with around 12k downloads.
Dr. Apoorv Ranjan Sharma, co-founder at Venture Catalysts, said
“Pre owned clothes is a huge market opportunity to be tapped on account of India’s burgeoning youth population. The CoutLoot team is a very dynamic team, with a strong focus on business economics, which is what attracted our attention.”
Jasmeet Thind Co-founder of CoutLoot said
“CoutLoot has seen sales of 2,000 items since inception, sees about 300-400 listings on the platform daily, and has an inventory of 6,000 clothes. While the seller’s average age group ranges from 20-35, the buyers on the platform are between 14-25 years of age, scouting for branded goods at almost an 80% off. Common brands sold on the platform include Zara, Forever21, Forever New, Bossini, Michael Kors, Guess and others.”
It is currently operating in 10 cities comprising Delhi, Mumbai, Pune, Calcutta, Jaipur and others. It also aims to expand to more tier 1 cities by the end of 2016. It has enlisted celebrities on its platform to increase the traction and bloggers networks.
CoutLoot organized everything with a 12 member team. Categories have been classified for clothes into Brand New, Generally Born and Hardly Worn which are discounted at 60%, 65-70% and 75-80%. All the good are sanitized, packed and then gets delivered to the startups. It charges 35-30% commission for every transaction.