CoutLoot, India based online portal which helps people sell their unused branded clothes and accessories, has raised an undisclosed amount from Venture Catalysts.
This will be first ever investment from Venture Catalysts in an eCommerce platform. The raised funds will be used in team expansion, strengthening the technology and to roll out a new program called campus trendsetter in colleges and schools across the country.
CoutLoot was founded in November 2015 by Sahil Khimavat, Jasmeet Thind, Mahima Kaun and Vinit Jain. It takes care of an end to end process from curating a product from the users to delivering the same to the buyers. Also, it collects the payments and remits to the seller within days of transaction completion.
This has worked as a good model for both the buyers and sellers. The sellers get to sell their unused branded collection of clothing and accessories and at the same time, the buyers get to buy almost new clothes at great discounts ranging from 40% – 80%.
CoutLoot had launched its Android and iOS apps this year and it has already seen over 12000 downloads collectively.
Speaking on the development, Apoorv Ranjan Sharma, Co-Founder Venture Catalyst added that pre owned clothing is a huge market in a country like India which has a great youth population. The segment was untapped till now and with CoutLoot’s technology and approach, we were attracted to invest in such a dynamic team.