CoutLoot, India's leading C2C fashion re-commerce platform on Wednesday announced receiving an investment of USD 1 million as a part of its ongoing pre-series A funding round by Jadevalue Fintech, the investment arm of Chinese unicorn CashBUS led the investment round.
CoutLoot has extended its operations across 14 cities and achieved more than 5,00,000+ app downloads. One of its unique features, 'Celebrity Closet' wherein it has established exclusive partnerships with leading celebrities to sell items from their own personal closets, has also received an overwhelming response from its users. A few of the TV celebs that sell on CoutLoot include Karishma Tanna, Aditi Bhatia, Niti Taylor, Aarti Chabbria amongst others.
Considering its massive popularity, Jadevalue Fintech's investment in CoutLoot is being identified as a strategic move by the firm to enter the high-potential Indian market. Being supported by the investment arm of Shanghai-based microfinance giant CashBUS, one of the biggest success stories of the Chinese start-up ecosphere, further validates this stand.
"We believe that a technology driven re-commerce marketplace in India for the mass market creates value for all parties involved, including sellers, buyers and the society at large. The young team only adds to the element of growth and aggressive approach to the segment," said general manager, Jadevalue Fintech, Johan Uddman.
Describing CoutLoot's rapid growth as a premier C2C marketplace, existing investor Anirudh Damani, MD, Artha India Ventures said "CoutLoot's growing footprint is nothing short of revolutionary. It has built a strong bridge of trust and quality experience with consumers to an extent that their buyers are now becoming their sellers and vice versa.
This is a significant moment in Indian e-commerce, and we hope other global investors and venture capital networks sit up and take notice of the amazing revenue opportunities offered by the Indian market."
"We are aiming for aggressive and comprehensive expansion and with this funding boost; we'll aim to expand our footprint not only in terms of geography but by diversifying our operations into other categories within the C2C model as well," said co-founder Mahima Kaul, CoutLoot.
CoutLoot will contribute significantly to enhance the inflow of global resources, technology, ideas and skills towards the strengthening of India's flourishing start-up ecosphere.
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