Indian Startup ‘StyleDotMe’ Aims to Enter International Markets With Fresh Funding

After raising fresh financing from new and existing investors, StyleDotMe, an augmented reality solution provider for jewellers, plans to tap international markets. StyleDotMe started off as a fashion and lifestyle platform where users could get instant advice from their friends on their fashion purchases. In mid-2018, it pivoted to a business-to-business model by launching an augmented reality platform for jewellers called mirrAR. It is headquartered at Gurugram. MirrAR currently counts more than 150 jewelers. Tanishq, Kalyan Jewellers, Senco, and HazooriLal Legacy are among its clients.

The webAR solution facilitates try-on for customers across the world while the offline in-store solution allows shoppers to virtually try-on jewelry like earrings, necklaces, jewelry sets, rings, and bracelets to make better purchase decisions.

StyleDotMe’s co-founder and chief executive Meghna Saraogi said, “We are looking at markets like the United Arab Emirates, where several of our clients already have a presence as well the United States.”

“We started with an in-store solution, but today, we have an omnichannel presence where the technology can be integrated to any website or app,” she added. 

In the funding round led by Survam Partners, the family office of Hero MotoCorp’s Suman Kant Munjal with participation from Jewelex India director Bobby Kothari as a strategic investor, StyleDotMe raised Rs 3.5 crore financing. In this funding round existing investor Indian Angel Network also participated.

Akshay Munjal of Survam Partners said, “We are delighted to partner with StyleDotMe as a lead investor, in their mission of transforming shopping experiences for customers and helping retailers drive their business in these tough times through their powerful AR technology. Meghna and the team have an in-depth understanding of the challenges that the retailer community faces today and the need-gap that exists from a shopper’s lens.”

Saraogi also said that they are now working on rolling out this technology to makeup category, at a time when brands are increasingly looking to offer contactless virtual trials to its customers amid the Covid-19 pandemic.

Last year as per a Gartner report, Augmented Reality and Virtual reality are emerging as key enablers for retailers in a COVID-19-ravaged world that has reset the strategy for several businesses. About 100 Million users will shop in augmented reality online and in-store by the end of this year.

Saraogi said, ”We are also creating a self-service dashboard that will allow businesses to sign up and start using augmented reality for their brands and we are looking forward to capturing almost 50% of the market share across the biggest jewelry hubs: India, Middle-East, and the United States by 2025.”

As per a Nasscom report, in India, the augmented reality market is estimated to grow to $5.9 billion while virtual reality is expected to grow to $0.5 billion by 2022.

Kothari said, “We are happy to see such a powerful technology aimed at enhancing the traditional workings of the retail sector come out of India. We’re thrilled to contribute to the brand’s future growth and expansion in the vast, underpenetrated segment and are absolutely excited to be a part of their journey, which has worldwide potential.”