Mukesh Bansal, the founder of Myntra, and Mohit Gupta the former senior executive of Zomato came  together to form a fashion startup named Lyskraft. This omnichannel Fashion startup has raised $26  Million in seed money, making it one of the largest early-stage rounds for an Indian startup amid the  ongoing reduction in the general availability of loans. 

According to a report by ET, Mohit Gupta said that the seed money will help the partnership take the  route of building a seamless shopping experience as a marketplace for premium brands. The startup  is aiming to start with women’s fashion and then expand into other lifestyle categories. This startup  had a backup of large seed investments because of these two seasoned businessmen. Global tech  investor Prosus, Belgian investment fund Sofina, Zomato founder, and the partners of DST Global are  some of the investors who participated in Financing for the first round. 

Image source: Zomato image source: Myntra 

Gupta has worked with big giants such as Zomato, MakeMyTrip, and PepsiCo India. Mohit Gupta is said  to be the chief executive of Lyskraft in Gurgaon headquarters while Mukesh Bansal will be a  shareholder and strategic advisor of the company. This is not the first time these two are working  together. A year ago, Gupta and Bansal joined hands for a startup, Meraki Labs to explore raising capital at the company level along with getting funds for different startups. Bansal has continuously backed  companies like Groww and space-tech startups like Skyroot Aerospace. This Fashion startup aims at  the word “omnichannel”. Mohit Gupta said that the premium fashion category in India needs a  different treatment, which according to him will be treated as vertical in the next 5-10 years. The  solution for women’s fashion category is not offline or online but Omnichannel, and that’s what we have aims to build, He added. 

This startup company is said to be a competitor of brands like Nykaa Fashion, which operates both  online and offline outlets, Flipkart-owned Myntra, Reliance Retail’s Ajio, and more. The reason Gupta  gave behind selecting omnichannel instead of starting online was to find the solution to the problem  and not to get focused on one particular channel. “We are looking at this as a consumer and a category  problem and not a channel problem. The best solution we saw for this was omnichannel, which is why  we’re taking that route from day one “He added. He also mentioned that Lyskraft is estimated to grow up to $12- $15 Billion in the next Six to seven years.

Conclusion: 

Mukesh Bansal, who founded Myntra, and Mohit Gupta, a former senior executive at Zomato, joined  forces to create a new fashion startup called Lyskraft. They managed to get seed fund money of $26  million to kickstart their business. This money comes from big investors like Prosus and DST Global.  Their plan is to make the shopping experience super easy and smooth, starting with women’s fashion  and then moving into other lifestyles. With Mukesh Bansal as a strategic advisor and Mohit Gupta as  the chief executive in Gurgaon, they’re all set to make a change in the fashion world. They believe in  “omnichannel”, which means they want to blend online and offline shopping experiences. They will  eventually have to compete with big names like Nykaa Fashion and Myntra. Bansal and Gupta are  experienced in the industry, and they believe Lyskraft could grow to $12-$15 billion in the next few  years.