The funding round was led by Blue Tokai-backer 12 Flags, with participation from existing investors Kae Capital and Boundless Ventures
KNOT will use the funding to expand its 60-minute delivery network in Mumbai and other geographies, strengthen micro-warehousing, and routing efficiency
KNOT claims to have reached over 350 daily orders, marking a 3X surge in the past three months
Quick fashion startup KNOT has secured $ 5 Mn (about INR 44.9 Cr) in a fresh funding round led by Blue Tokai-backer 12 Flags. The round also saw participation from existing investors Kae Capital and Boundless Ventures.
In a statement, KNOT said it will use the funding to expand its 60-minute delivery network in Mumbai and other geographies, strengthen micro-warehousing, routing efficiency, and last-mile operations to support higher order volumes.
Founded by Archit Nanda and Rachit Bansal, KNOT is a pivot from Slick, which was a social media platform which allowed users to compliment each other anonymously. Slick aimed to revive personalised connections on social media and boost users’ confidence. It raised $2.1 Mn funding from WEH Ventures, iSeed Ventures, All In Capital, and Titan Capital.
The founders decided to pivot to quick fashion as Slick’s strong social media following did not convert into a monetising audience. The pivot also came amid a boom in the quick fashion segment.
In August this year, KNOT raised $3 Mn in a round led by Kae Capitalwith participation from Sparrow Capital, Boundless VC, Aukera Jewellery’s Kumar Saurabh and existing investors WEH Ventures and All In Capital.
KNOT operates on a marketplace model, wherein it pays brands only after a sale is made, without any upfront commitments. The platform has onboarded several D2C brands, including Snitch, The Souled Store, among others.
KNOT is looking to expand its brand portfolio by onboarding leading premium fashion labels, including Allen Solly, Jack & Jones, Louis Philippe, Vero Moda and Van Heusen.
The platform offers features such as AI try-on and try & buy to customers. KNOT claims to have reached over 350 daily orders, marking a 3X surge in the past three months.
With urban consumers preferring to have their apparel picks at their doorstep under tight timelines, the quick fashion segment in the country has been booming. While quick commerce platforms like Blinkit, Zepto, among others, have entered the fashion segment, D2C fashion brands are also offering quick deliveries now. In October, Snitch forayed into the quick commerce segment with the launch of a 60-minute apparel delivery service.
Besides, a number of quick fashion startups like Slikk and ZILO have also emerged over the past year or so. These startups are also seeing a lot of interest from investors who are looking to capitalise on the quick fashion boom.
Last month, Inc42 reported that women-focussed brand NEWME is in discussions with investors to raise $12 Mn (about INR 107.3 Cr), while ZILO raised $4.5 Mn (INR 38.5 Cr) in seed funding round in May this year.
Comments are closed.