Prominent entrepreneur Mukesh Bansal, renowned for his founding roles in Myntra and Cultfit, is currently in advanced negotiations to secure a substa
Prominent entrepreneur Mukesh Bansal, renowned for his founding roles in Myntra and Cultfit, is currently in advanced negotiations to secure a substantial Series A funding round of $50 million for his latest venture in premium fashion. Reliable sources have indicated that esteemed investors, including Peak XV Partners (formerly known as Sequoia India) and Accel, are expected to be key players in this funding effort.
Bansal’s latest project, a collaboration with Mohit Gupta, will target the premium fashion sector, with a specific focus on catering to the ever-changing preferences of Generation Z, a rapidly expanding and highly attractive demographic for e-commerce platforms. Gupta, previously a co-founder at Zomato, brings valuable expertise in supply chain management from his experience in the food delivery industry.
With a storied history in e-commerce, Bansal’s journey began with the fashion platform Myntra, and he has been involved in ventures like Virgio, a Gen Z-focused fashion destination founded by Amar Nagaram, a former Myntra executive. While he has taken a step back from an active role, Bansal continues to exert influence as he oversees Cultfit and collaborates with Tata Digital.
Gupta will be stationed in Delhi, overseeing the execution of the venture, while Bansal will operate from Bengaluru, maintaining his oversight of Cultfit. As of now, Bansal, Peak XV Partners, and Accel have refrained from offering official comments on the matter.
Gen Z: A Key Player in E-commerce
The new initiative adopts a venture studio model under the Meraki Labs umbrella, the holding company. This setup allows for the incubation of various ventures within the ecosystem, a strategy that Meraki Labs has already employed with startups like Skyroot, Groww, and Gigforce.
Bansal and Gupta’s emphasis on the Gen Z segment aligns with trends in the e-commerce landscape. This demographic holds significant importance due to its substantial online presence and disposable income. According to a report by Bain & Co., one in three online shoppers belongs to Gen Z, with fashion being their primary category of purchase.
Recognizing the growing significance of Gen Z, major players like Flipkart Fashion and Myntra have introduced dedicated services to cater to their preferences. Myntra launched FWD, while Flipkart unveiled Spoyl, underlining the importance of capturing Gen Z’s evolving needs.
Previous media reports speculated about Bansal and Gupta’s plans, suggesting valuations ranging from $100 million to $250 million. However, earlier this year, Bansal refuted these claims, reaffirming his commitment to Cultfit and emphasizing Meraki Labs’ role in investments.
As Mukesh Bansal’s venture in the premium fashion segment takes shape, it embodies his enduring dedication to innovation and entrepreneurship.
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