Fashion network SeenIt raises pre-series A funding
The undisclosed amount of pre-Series A funding is led by Calcutta Angels Network and Augment Ventures
Published - 16-March-2017
SeenIt Online, which owns and operates popular fashion question and answer app, SeenIt.in, has received an undisclosed amount of pre-Series A funding from Calcutta Angels Network (CAN) and Augment Ventures. Founded in April 2015 by Wharton trio: Ankita Sancheti, Saksham Karwal, and Vedanta Kumar, SeenIt has become popular with fashionistas. “We’ve had users ask where to buy Alia’s dress from the Koffee with Karan episode while the show was still airing on TV! That is something you can’t do on any other platform globally today and that helps us generate infinite content from our passionate users,” says Karwal, who moved back from the US to start SeenIt.
Since its launch, SeenIt has allowed users to post their questions of products they want to track down in the form of images from Instagram, Snapchat, or even tabloids. Other members of the community then help by providing shoppable suggestions in order to recreate the look or get the same item. Unlike other platforms like Pinterest and Instagram that focus on users sharing and liking inspirational photos, SeenIt focuses on actually bridging the gap between inspiration and purchase, which is estimated to be a USD 50 bn market globally. The simplest way of describing SeenIt is a shoppable Pinterest with a question asking layer on top. The company claims that it now has 5,00,000 active users (MAU) and more than 5,000 questions are asked and answered every week.
Proceeds from this round of funding will be used by the start-up to bring on board some of the best designers and engineers in the country to further build on the product. Funds will also be used to grow the SeenIt community and its reach. This pre-Series A round caps a successful past 12 months for SeenIt, which also recently graduated from the prestigious Axilor Ventures Accelerator Program. SeenIt is advised by tech stalwarts Hitesh Oberoi (CEO, Infoedge) and IVK Vijaya Kumar (ex-Wipro CTO).
“Above all else, it is the team that drew me towards SeenIt. Run by Vedanta, Saksham, and Ankita, who are very dynamic entrepreneurs with extremely solid educational and professional backgrounds, SeenIt is building a community-based visual fashion recommendation platform. Think Quora for fashion! The model has the potential to grow exponentially and is great for fashion brands for collaboration. In fact, SeenIt is already among the top 5 drivers of traffic to some of the leading fashion e-commerce sites in India. SeenIt is also based out of Kolkata and I believe it can be one of the first big success stories to come out from the east,” says Pradyumna Dalmia, founder of Calcutta Angels Network.
While the company is still in an early revenue stage, it has already collaborated with some of the top brands in the country including Nike, Puma, Koovs, The Label Life, and Flyrobe. “We will soon be introducing a truly personalized feed and new revenue streams including personalized ads and transactions on the platform,” added Kumar, an ex-investment banker with Goldman Sachs.
“The demand for fashion is largely driven by a visual cue, however, people find it difficult to find the exact products. SeenIt solves the "Where can I get this?" problem brilliantly. With a question typically taking 5-7 minutes to get answered, and over 5,000 views per question, SeenIt has been able to clearly validate the need for the product,” concluded Shivam Shah, partner at Augment Ventures.