Mohit Gupta, Mukesh Bansal’s Lyskraft raises $26 million in seed funding; Know about the startup

Lyskraft, the retail fashion omnichannel startup co-founded by industry veterans Mukesh Bansal and Mohit Gupta, has raised $26 million in a seed funding round.

The round was led by Peak XV Partners, with participation from global investors such as Prosus, Sofina, and the partners of DST Global. 

Aims to redefine the premium fashion space

The Gurugram-based startup aims to redefine the premium fashion space targeting Gen Z through an omnichannel approach.

Mohit Gupta, serving as the CEO, emphasized the strategic vision, stating, “The future of retail is omnichannel, especially for categories like premium fashion where touch, feel and experience of the actual product are key to consumer choice in the category. India’s deep roots in fabrics, craft, creative heritage, and manufacturing strength also put us at a unique position to play a large role at the global stage.”

Participation from notable industry leaders 

Notable industry leaders, such as MakeMyTrip’s Deep Kalra and Rajesh Magow and Zomato’s Deepinder Goyal, also participated in the round. 

Mohit Bhatnagar, Managing Director at Peak XV, expressed enthusiasm about the partnership: "At its core, venture investing is about partnering with India’s best entrepreneurs to build generational companies. We are excited to work with Mohit, who has seen two idea-to-IPO journeys—MakeMyTrip and Zomato—on the vision to build Lyskraft as a category-defining fashion and lifestyle company.”

Market testing and expansion plans

Lyskraft has initiated market testing with a premium pop-up store at Ambience Mall Gurugram and an online platform. The setup showcases over 15 leading handpicked women’s fashion brands and designers, with plans to continually add new designers.

The platform, starting with women's fashion, aims to expand into other lifestyle categories, enhancing its product offerings and customer engagement.

Who are the founders?

Mukesh Bansal, who has a history of founding companies like Myntra and Cult.fit, serves as a co-founder and strategic advisor without operational involvement. He also focuses on his ventures in deep tech and artificial intelligence.

Mohit Gupta, who previously worked at Deepinder Goyal's Zomato and traveltech giant MakeMyTrip, will lead as the CEO.