Envoged, a platform for buying and selling pre-owned luxury fashion, has raised an undisclosed amount in a seed round from a consortium of angel investors led by entrepreneurs Ankush Nijhawan, Manish Dhingra and Gaurav Bhatnagar (AMG investments). The round also saw participation from Aspiring Minds CEO Himanshu Aggarwal, Bollywood actor Jackky Bhagnani, Indian Express Wholetime Director and Head, New Media, AnantGoenka and prolific angel investor Alok Mittal.
Founded by IIT-Kharagpur alumni Anandita Singh and Manisha Barnwal along with SaahilNarang (ex-Bain & Co), Envoged is a “re-commerce” platform that allows owners of luxury goods like handbags, footwear and accessories to sell items that they no longer need. The platform takes care of collecting the items, consigning them, checking for authenticity, determining the ideal resale price and then finally helping sell them online.
“Authenticity is crucial when it comes to shopping luxury online, and we go an extra mile to ensure that each and every product listed on the platform is 100% genuine,” said Manisha.
The newly raised funds will be used for scaling up reach and driving tech innovation. Envoged was started with a vision of making luxury fashion accessible to the masses at attractive prices. “Two-thirds of an average urban girl’s closet remains inactive, in a country where most of the girls aspire to own high street fashion. We are a curated platform serving this need,” said Anandita.
Ankush, Gaurav and Manish, with several past successful investments in the likes of Dineout, My Green Box and the popular news app InShorts, lead this angel round. “Luxury is a fast growing space but severely limited by affordability and availability. Many young people would love to buy more, only if they could liquidate their previous purchases easily,” thinks the trio. Jackky cited that he has closely seen how thousands of closets in the Indian fashion and Bollywood industry keep stocking up, and there is a clear opportunity for a platform like Envoged.
Sharing economy in fashion has just started stirring up in India and the upcoming startups in this space see a multi-billion dollar market opportunity in the next few years.