GetNatty, a startup engaged in the fashion segment as a designer brands aggregator has just raised its seed funding. Most of the investors are individuals Abhay Kumar, CMD of Grihapravesh Buildteck, Binod Choubey, Firoze Sethna and Parth Patel. The amount raised has not been disclosed.
The proceeds from the round of funding will be used to build the technology arm of the business and bring in new revenue channel formats that will cater to the country's burgeoning fashion design ecosystem.
The company has also announced that Sandeep Bhargava, a veteran from the media and entertainment industry, has been appointed on to its board of advisors. On Sandeep Bhargavaâ€™s background, it has been pointed out he had led a successful mission in the Network 18 group.
GetNatty is quite aggressive with its business strategy and is talking of becoming a Unicorn within the fashion designing business using terms like â€śdesigned in India and made for the worldâ€ť. They claim they have built a unique and scalable business model.
The funds now generated will be used by the company in strengthening its technology base as well as to create revenue channels. The core activity of fashion designing will also receive adequate support.
â€śOne of the main reasons for investing in GetNatty is because of the strong work ethics, honesty and sincerity of its founders and their ability to pull talented people from diverse backgrounds to work towards a shared visionâ€ť - Abhay Kumar, Lead Investor said in a statement.
The basic business model adopted by NetGatty can be described thus:
â€śGetNatty aggregates talented fashion designers under one roof and provides an easy access to the end user to discover and shop these unique styles through an AI powered customer experience that is convenient, reliable and seamless both online and online to offline (O2O). Predictive analytics, demand planning and business intelligence tools are additional support given to the designers to help them scale upâ€ť.
Speaking of the numbers, GetNatty has 200+ designers already on board and another 800 may join taking it to 1000+ in the near future. These designers are picked up from many cities in the country by holding multiple exhibitions and there identifying the potential candidates. The company hopes to have around 100,000 users within the next one year.