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Mukesh Bansal
Mukesh Bansal, the well-known name behind big hits like Myntra and Cult.fit, is reportedly close to raising $50 million in Series A funding for his new fashion venture, which would be focused on the young and GenZ shoppers.
Earlier this week, Flipkart also launched a new fashion portal 'SPOYL' for GenZ shoppers.
According to a Moneycontrol report, Prominent investors such as Peak XV Partners (previously known as Sequoia India) and Accel are expected to back Bansal's new venture. Joining him in this venture is Mohit Gupta, who earlier co-founded Zomato. Gupta's experience, especially with Zomato's food delivery side, gives him a strong understanding of how to manage and grow a business.
Bansal's success in the online shopping world is well-known. From starting Myntra to investing in Virgio, a fashion brand for Gen Z, and even joining Tata Digital in 2021, he's made a big mark. It's interesting to note that Tata's tie-up with Bansal began after they invested $75 million in Cultfit.
The new business is set up like a studio, with Meraki Labs as the main company. The startup will start several new projects under its name. Under Bansal's leadership, Meraki Labs works with different people and companies to find out what the market wants and create products. They've already teamed up with startups like Skyroot and Groww.
The decision to focus on Gen Z is a smart one. This group, known for being online a lot and having money to spend, is becoming very important for online shopping. A report by Bain & Co showed that one out of every three online shoppers is from this age group. Seeing this, other big online fashion sites like Flipkart and Myntra are also starting services just for Gen Z.
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