Smytten, an Indian online discovery platform has announced it securing $200,000 in seed round of funding led by former Credit Suisse Asset Management executive Rimpal Chawla and Livspace CEO Anuj Srivastava.
Launched just three months ago by Siddhartha Nangia and Swagat Sarangi, Smytten holds premium brands from India/overseas in wellness, fitness and luxury stay services. It enables its users to try premium brands and services for free. The startup’s business model is to offer its target consumer base and opportunity to discover and try premium products. Co-founder Sarangi said, ” Despite the huge market for premium products and services, the information available is fragmented, interaction with brands is sub optimal, trial avenues limited, and the sector has massive consumer trust issues due to counterfeit products.”
Sarangi also added, ” Smytten solves these challenges and offers what consumers in this segment value – one-stop discovery, free trials for experiencing the brands and recommendations for making purchasing decisions. Further, our personalisation features, made possible with our back end algorithm, focus on analytics, allow us to curate offerings for consumers as per their individual preference.”
With the fresh initial funds, Smytten plans to focus on products and services in premium beauty and grooming luxury stays, high-end fitness and wellness services and hi-tech consumer lifestyle products. The unique thing about the startup is its focus on curation which is offered by very few platforms in India. It also helps to connect the right brands with the right audience.
Smytten also offers assisted shopping and for the more advanced shopper, features like customized offers and the ability to build their own ‘like’ list for their usual purchases. The company has partnered with more than 50 top brands to offer sampling for the customers. The premium market is not a small one but it has grown exponentially in the last three years in India. Currently at $6 million, it is projected to touch $20 billion by 2020.
“We are excited to go live with Smytten. By offering consumers premium brands, sampling opportunities, curated content, and expert recommendations we are put at the high end of e-commerce and engagement. We believe we have hit the sweet spot with both consumers and brands. Our immediate focus is India and over the next three years we aim to be a global destination,” said Siddharth.