The funds raised will be utilised in improving technology infrastructure, hiring talent and building data science capabilities.
Delhi-based social commerce startup Stage3 has raised Rs 20 crores in a Pre-Series A round co-led by Inflection Point Ventures and LC Nueva Investment Partners LLP* along with Let’s Venture and Stanford Angels. Blume Ventures, Stage3’s existing investor has also participated in the round. Other angel investors include Ananth Narayanan, founder, Mensa Brands, Dinesh Aggarwal, CEO of India Mart and Sashwat Nakhrani, Co[1]founder of Bharat Pe. The funds raised will be utilised in improving technology infrastructure, hiring talent and building data science capabilities.
Stage 3 is powering the creator economy in fashion and lifestyle while providing a personalized engaging social shopping experience for India’s GenZs and millennials.
Ankur Mittal, Co-Founder, IPV says, “Stage3 demonstrated to our network that how merging the best of both worlds – marrying e[1]comm to influencer-driven social interactions can become a thriving business idea, and this got us interested in their business. Indian consumers are already moving to online shopping in an accelerated manner and as technology helps e-comm companies to extend offline experience elements, the next big disruption in the e-comm value chain will be driven by social commerce and user-generated recommendations.”
Sabena Puri, Co-Founder & CEO, Stage3 says, “Our Vision at Stage3 is to build the next generation of fashion commerce for young India that is social, personalized and influencer led. Our AI powered app will dramatically change how consumers shop by building a hyper-personalized feed reflecting their interests, personal style, size and brand preferences In addition they will be able to share their wishlist, group shop with friends and directly connect with sellers”.
Sanchit Baweja, Co-Founder, Chief Business Officer & Co-Founder, Stage3 says, “We at Stage3 are very excited to be at the forefront of building the first of its kind social marketplace in India and tap into the US$100B market opportunity for fashion growing to be US$185B in 5 years. The two key trends driving this growth are shift to online and shift to social, where we leverage a daily active user base of a billion users across various social platforms in the country to enable 3M+ Influencers, small brands and Instagram boutiques to build their own social storefront and monetise their personal brand like never before”
Stage3 has registered a year on year growth of 200%, with current annual recurring revenue (ARR) of US$3mn and a high gross margin of 70% across the platform. The Company has also clocked a 30% increase in its follower base across its social media platforms in the last 12 months, achieving the current follower base of 5,00,000. Stage3 expects to achieve an ARR of US$6-7mn by March 2022.
*Investments into Stage3 are warehoused in the name of LC Nueva AIF* (“Fund”), a Category II Alternative Investment Fund, where LC Nueva Investment Partners LLP* is the Investment Manager. LC Investment Partners LLP is being rebranded to LC Nueva Investment Partners LLP. The rebranded entity and the Fund are awaiting approval from the Securities and Exchange Board of India (SEBI). The Fund will be launched once necessary regulatory approvals are obtained.
Source: Business World
