Lyskraft India Pvt Ltd

Background

Lyskraft India Pvt Ltd, established in 2023, is an omnichannel fashion and lifestyle company headquartered in Gurugram, India. The company aims to revolutionize the premium fashion retail experience by seamlessly integrating online and offline platforms. By curating a selection of over 15 top women's fashion brands and designers, Lyskraft addresses the complexities of women's fashion, including sizing, customization, and the tactile experience of products. The company's mission is to merge India's rich heritage in fabrics and craftsmanship with contemporary international trends, offering a unique shopping experience for the discerning Indian consumer.

Key Strategic Focus

Lyskraft's strategic focus centers on creating an omnichannel marketplace that caters to the premium women's fashion segment. The company emphasizes:

Curated Selection: Offering a handpicked assortment of premium women's fashion brands and designers, with new additions introduced weekly.

Omnichannel Experience: Blending online platforms with physical retail spaces, such as pop-up stores, to provide a cohesive shopping experience.

Premiumization: Targeting the growing premium fashion market in India, which is projected to expand significantly over the next decade.

Financials and Funding

In April 2024, Lyskraft secured $26 million in seed funding led by Peak XV Partners. The funding round also saw participation from Prosus, Sofina, partners of DST Global, and angel investors including Deep Kalra and Rajesh Magow from MakeMyTrip, and Deepinder Goyal, Founder and CEO of Zomato. This substantial early-stage investment underscores investor confidence in Lyskraft's vision and business model.

Pipeline Development

Lyskraft has initiated its market presence with a premium pop-up store at Ambience Mall in Gurugram and an online platform for market testing. The company showcases over 15 women's fashion brands and designers, with plans to expand into other lifestyle categories. The curated selection is updated weekly, ensuring a fresh and dynamic product offering.

Technological Platform and Innovation

Lyskraft leverages an omnichannel approach to bridge the gap between online and offline retail experiences. By integrating physical retail spaces with a robust online platform, the company enhances customer engagement and satisfaction. This strategy addresses the premium fashion segment's need for tactile product experiences while offering the convenience of online shopping.

Leadership Team

Mohit Gupta: Co-Founder and CEO. Formerly Co-Founder of Zomato and Chief Operating Officer at MakeMyTrip, Gupta brings extensive experience in scaling businesses and the online retail sector.

Mukesh Bansal: Co-Founder and Strategic Advisor. Founder of Myntra and Cure.Fit, Bansal is a seasoned entrepreneur with a deep understanding of the fashion and lifestyle industry.

Competitor Profile

Market Insights and Dynamics

India's fashion and apparel industry was valued at $20 billion in 2022 and is projected to grow to $112 billion by 2030. This sector is expected to represent more than a quarter of the country's $400 billion e-commerce market, indicating significant growth potential for companies like Lyskraft.

Competitor Analysis

Lyskraft operates in a competitive landscape with several notable players:

Nykaa Fashion: Operates both online and offline outlets, offering a wide range of fashion products.

Myntra: A leading online fashion retailer in India, providing a vast selection of brands and styles.

Ajio: Reliance Retail's fashion platform, offering a curated selection of apparel and accessories.

Tata Cliq: Tata Group's e-commerce venture, featuring a variety of fashion and lifestyle products.

These competitors have established market presence and diverse product offerings, making the premium fashion segment highly competitive.

Strategic Collaborations and Partnerships

Lyskraft's recent funding round included investments from prominent venture capital firms and angel investors, indicating strong strategic partnerships that can provide valuable industry insights and support for scaling operations.

Operational Insights

Lyskraft's omnichannel strategy differentiates it from competitors by offering a seamless integration of online and offline shopping experiences. This approach caters to the premium fashion segment's preference for tactile product interactions while leveraging the convenience of digital platforms. The company's focus on curated selections and regular updates ensures a dynamic and engaging customer experience.

Strategic Opportunities and Future Directions

Lyskraft plans to expand its product offerings beyond women's fashion into other lifestyle categories, tapping into the growing premiumization trend in India. By leveraging its omnichannel platform and strategic partnerships, the company is well-positioned to capture a significant share of the expanding premium fashion and lifestyle market.