Lyskraft, a retail fashion omnichannel startup founded by Mukesh Bansal and Mohit Gupta, has secured $26 million in a funding round led by Peak XV Partners, with participation from Prosus, Sofina, and the partners of DST Global, signaling its strong position in the Gen Z-focused premium fashion market.
Lyskraft, headquartered in Gurugram, has successfully raised $26 million in funding to bolster its presence in the retail fashion market. This funding round, led by Peak XV Partners with support from Prosus, Sofina, and partners of DST Global, highlights the growing investor confidence in Lyskraft’s vision for the premium fashion segment catering to Gen Z consumers.
Transitioning seamlessly into the market, Lyskraft has positioned itself as an omnichannel platform, combining the convenience of online shopping with curated in-store experiences. Led by Mohit Gupta as the CEO, with Mukesh Bansal serving as a co-founder and strategic advisor, the startup has already made waves with its market testing initiatives, including a premium pop-up store at Ambience Mall Gurugram and an online platform showcasing handpicked women’s fashion brands and designers.
“The future of retail is omnichannel, especially for categories like premium fashion, where the product’s touch, feel, and experience are key to consumer choice. India’s deep roots in fabrics, craft, creative heritage and manufacturing strength also put us in a unique position to play a large role on the global stage,” Mohit said.
Key Developments
Strategic Funding: The $26 million funding round, spearheaded by Peak XV Partners, signals solid financial backing for Lyskraft’s expansion plans in the premium fashion market.
Notable Investors: Industry stalwarts such as Prosus, Sofina, and partners of DST Global, along with angel investors like MakeMyTrip’s Deep Kalra and Rajesh Magow and Zomato’s Deepinder Goyal, have shown confidence in Lyskraft’s potential for growth.
Omnichannel Approach: Lyskraft’s focus on omnichannel retail, blending physical and digital experiences, aligns with evolving consumer preferences, especially in the premium fashion sector.
Market Testing Success: The recent launch of a premium pop-up store and online platform reflects Lyskraft’s strategic approach to market testing, ensuring a curated selection of leading women’s fashion brands and designers for its customers.
Future Outlook
With a strong foundation backed by strategic funding and industry expertise, Lyskraft aims for significant growth in the coming months. As it continues to innovate in the omnichannel retail space and expand its offerings beyond women’s fashion, Lyskraft aims to solidify its position as a leading player in the premium fashion segment for Gen Z consumers.
“At its core, venture investing is about partnering with India’s best entrepreneurs to build generational companies. We are excited to work with Mohit, who has seen two idea-to-IPO journeys – MakeMyTrip and Zomato, on the vision to build Lyskraft as a category-defining fashion & lifestyle company,” Mohit Bhatnagar, Managing Director at Peak XV, said.
