Shooto was founded by former MyntraThe executives of Ajio and Amazon are Maruti Ramagandhi, Abhishek Handa and Ayyappan Lakshmanan respectively.
Shouto aims to be a fashion discovery destination for Gen-Z in Tier-1 cities.
Ramgandhi told ET, “The breakdown of D2C brands or large scale explosions cause a lot of inconvenience to the consumers. “You have five big markets, about 63-65 fashion brands, 40 of which are funded. Any fashion question or your requirement, you will have choices. There is a lot of clutter that creates the need for a search platform. ,
He said that the pursuit of fashion for young Indians is more difficult than for millennials or the older generation.
“What categories are they looking for? These are mostly new-age categories – street, athleisure, plus-size, sustainable, conscious wear and casual to work. If you go to some of these marketplaces—Myntra, Ajio— So they don’t care about the nuances of the new age.”
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The company will use social media influencers on platforms such as Instagram and Pinterest to curate and promote products through interactive commerce such as live or video commerce.
Ramaganidhi compared Shooto to US-based LTK, which was valued at over $2 billion after raising nearly $300 million from SoftBank’s Vision Fund.
The firm will invest capital in product development, manufacturer acquisitions and engagements and build a founding team of engineers and manufacturer success managers, the company said in a statement.
Ramgandhi said that the company will not increase any inventory and will direct the audience to the respective brand websites. This is at the core of Shouto’s business model as it will generate revenue per click and sale. It has already tied up with brands like Zara, H&M, Damnsh, Urbanic and others.
Ash Leilani, Managing Partner, Sama, said, “We are seeing social and creator-focused shopping startups gaining traction in other markets, especially the US. “The focus of Shooto is to amalgamate both these approaches to create a fashion destination for young Indians. Their talented leadership team, ambitious vision and unparalleled partnerships with top fashion brands provide a strong foundation towards success.”