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Charmeuse Technologies in Ahmedabad secures angel funding
21 May '20
2 min read
Pic: Vastra App
Ahmedabad-based Charmeuse Technologies, which runs Vastra App, a technology platform for textile companies, recently raised an undisclosed amount in an angel funding round led by angel investor Vivek Khare along with other members of early-stage investor collective LetsVenture, whose identities were not disclosed, according to a company statement.
Gurugram-based apparel firm Blackberrys also participated in the round, it said.
Vastra App will use the fresh capital for customer acquisition and product development. The platform aims to reach 5,000 businesses across India in the next two years, the statement said.
Founded in 2018 by Vikas Rajpurohit, Vastra App provides business process management and decision-making solutions to apparel manufacturers by leveraging data and analytics. It uses data from sector participants such as manufacturers, production managers, workers, designers, sales persons and suppliers. Users can also transact digitally using the app.
The platform counts around 500 apparel manufacturers, mostly from Ahmedabad and Surat, as its clients. It claims to have recorded 1.5 million transactions so far, with manufacturers making payments worth ₹80 crore to workers on the platform. It also adds about 60 customers per month, according to the statement.
“We are looking at a connected textile world where all the manufacturing businesses and related stakeholders are connected via technology platforms, which makes their life easy by improving efficiency, reducing costs and enhancing production,” Vikas Rajpurohit, founder of Vastra App, said.
Bengaluru-based LetsVenture, which was started six years ago by Sanjay Jha and Shanti Mohan, claims to have enabled 200 start-ups to raise over $114 million from 6,500 investors, 120 micro-funds and 150 family offices on its platform. The company is also an alternative investment fund, which manages assets worth $19 million.
Gurugram-based apparel firm Blackberrys also participated in the round, it said.
Vastra App will use the fresh capital for customer acquisition and product development. The platform aims to reach 5,000 businesses across India in the next two years, the statement said.
Founded in 2018 by Vikas Rajpurohit, Vastra App provides business process management and decision-making solutions to apparel manufacturers by leveraging data and analytics. It uses data from sector participants such as manufacturers, production managers, workers, designers, sales persons and suppliers. Users can also transact digitally using the app.
The platform counts around 500 apparel manufacturers, mostly from Ahmedabad and Surat, as its clients. It claims to have recorded 1.5 million transactions so far, with manufacturers making payments worth ₹80 crore to workers on the platform. It also adds about 60 customers per month, according to the statement.
“We are looking at a connected textile world where all the manufacturing businesses and related stakeholders are connected via technology platforms, which makes their life easy by improving efficiency, reducing costs and enhancing production,” Vikas Rajpurohit, founder of Vastra App, said.
Bengaluru-based LetsVenture, which was started six years ago by Sanjay Jha and Shanti Mohan, claims to have enabled 200 start-ups to raise over $114 million from 6,500 investors, 120 micro-funds and 150 family offices on its platform. The company is also an alternative investment fund, which manages assets worth $19 million.
Fibre2Fashion News Desk (DS)
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