New Delhi [India], Sep 28 (ANI): Capillary Technologies, homegrown omni-channel and customer engagement platform, has led a pre-Series A funding round in online-to-offline fashion store discovery and loyalty app, Fashalot.
Fashalot's focus on driving footfalls at retail stores ties into Capillary's push for creating solutions that improve retail store engagement with their customers. The investment was also driven by the fact that Fashalot is a pioneer in this high-potential industry, with a highly experienced team and deep expertise in advanced location-based technology and rich data that powers a new generation of consumer analytics highly contextual consumer marketing.
Fashalot is the leading online-to-offline mobile app platform enabling retailers with first ever features like Non-Shopper Feedback, Geo-fenced personalized communication to shoppers, cross brand loyalty, shoppers' wardrobe mapping to name a few.
It facilitate communication between retailers and shoppers to discover in-store sales, deals, offers, and discounts on the latest collections. Currently live in Delhi NCR and Bangalore, over 5,000 plus marquee fashion stores are using Fashalot to drive new and incremental footfalls, enhance discovery, customers' shopping experience and high conversions.
Fashalot has saved its customers over Rs. five crore till date and is generating 25 app sessions every month. It has been able to show such results by providing highly personalized exclusive communication to shoppers as per their preferences, shopping pattern, location, and much more. It also awards reward points called as F-Cash to shoppers for walk-ins, shopping, reviews etc. into nearby partner stores.
"We believe in Fashalot's future of replacing traditional modes of marketing such as print and media. The fashion retail industry in India is pegged at USD 100+ billion, in which 98 percent of sales happen offline. USD three billion a year is spent on various marketing channels and Fashalot's use of rich data customer analytics by capturing shopper's intent to shop could help capture a substantial part of this market," said co-founder and CEO Capillary Technologies, Aneesh Reddy.
"We will mainly be using these funds to build even stronger technology, scale our user-base, and hire great new talent. Our focus will be on greater penetration in the Delhi-NCR and Bangalore markets by on-boarding more brands and new innovations in the app for a superior customer shopping experience," said co-founder and CEO of Fashalot, Amit Koshal.
"We have seen commendable execution by Fashalot's team to not only commercially on-board large number of brands in no time but also their exceptional success in key business metrics. We see Fashalot's users engage and stick to the offline brands at a very high frequency, making it part of their lives," said executive director and fund manager YourNest, Girish Shivani. (ANI)