Former Zomato senior executive Mohit Gupta and Myntra founder Mukesh Bansal have raised $26 million in seed money for their omnichannel fashion startup Lyskraft, making it one of the largest early-stage rounds for an Indian startup amid the ongoing funding crunch, according to ETtech report.
The round was led by Peak XV Partners, formerly Sequoia Capital India, Gupta told ET, adding that the seed money will help the partnership take forward the plan of building an omnichannel play as a marketplace for premium brands, starting with women’s fashion and subsequently expanding into other lifestyle categories.
The large seed investment in Lyskraft is another example of continued investor appetite for backing ventures founded by returning entrepreneurs and seasoned executives.
Global tech investor Prosus, Belgian investment fund Sofina, and partners of DST Global were among the other investors in this round. Makemytrip’s Deep Kalra and Rajesh Magow, and Zomato founder Deepinder Goyal also participated in the financing, according to Gupta.
Gupta will be the chief executive of Gurgaon-headquartered Lyskraft while Bansal will take on the role of a strategic advisor and a shareholder. He will have no operational involvement in the firm.
After cofounding fashion ecommerce company Myntra and fitness startup Cultfit, Bansal is now working independently on a deep tech, artificial intelligence startup, people in the know said.
