Hyderabad based online fashion social network Start-Up, VioletStreet.com has raised INR 2 Crore in an angel round led by Venkat Vallabhaneni and Srinivasa Rao Paturi. The company will utilize the funds to scale its technology, grow its team and increase its reach in the Indian market. Post funding Venkat Vallabhaneni, former Senior Vice- President of Bank of America will join the board of the company while serial entrepreneur Sudhakar Reddy, Founder and CEO of Abhibus.com, would mentor the VioletStreet team.
Hyderabad based Start-Up founded by Ankur Gupta and Nayan Kumar, VioletStreet is essentially a fashion community that integrates the excitement of offline shopping to the online world. VioletStreet users can discover fashion in a more exciting way by engaging with friends and an entire fashion community before buying.
VioletStreet also allows its users to mix and match and create custom looks by putting together fashion products from various sites. More than 3000 looks are created by users on the site every month. The company had previously raised Rs. 10 Lakh in a TiE Smashup event held in May, 2014.
Lead investor, Venkat Vallabhaneni opined, “Fashion is a mode of self-expression and with everything moving online for Gen X, this is only a natural extension. We believe that fashion will be the key driver in the ecommerce growth story in India by 2015. We believe in the founders’ ability to build a strong team and technology around their idea.”
Ankur Gupta: After graduating in Computer Science Engineering from NIT, Allahabad in 2010, Ankur joined Microsoft R & D and worked for 3 years until he quit his job in 2013 to start a business. He is a 2013-14 fellow at Startup Leadership Program (SLP), Hyderabad.
Nayan Kumar: A 2013 graduate in Chemical Engineering and Economics from BITS-Pilani, Hyderabad, Nayan had founded a software services company before co-founding VioletStreet. He is a 2013-14 fellow at Startup Leadership Program (SLP), Hyderabad.
Chandra Mouli Koduri, co-founder of Qlarum, is a startup enthusiast and was associated with startups such as Quickbasket.in – e-grocery store and Greengridz – bigdata analytics for electrical smart grids.
He is involved with Startup Weekend and Lean Startup Machine. He was a 2014 fellow of Startup Leadership program, and graduated as electronics engineer from National Institute of Technology, Bhopal in 2010.
He is currently pursuing MBA from the renowned Thunderbird School of Global Management, USA.