Online fashion re-commerce marketplace CoutLoot, has raised an additional $1 million as a part of its ongoing pre-Series A funding round.
The investment was led by Jadevalue Fintech, the investment arm of Chinese unicorn CashBUS, with participation from existing investors including ArthaIndia Ventures and Venture Catalysts.
The C2C platform for buying and selling pre-owned fashion items will use the fresh proceeds to expand its geographical reach and to diversify operations into other categories.
Floated by Sahil Khimavat, Vinit Jain, Mahima Kaul, and Jasmeet Thind, Coutloot allows users to buy and sell pre-owned clothes, accessories, and shoes. The platform further enables an end-to-end process where sellers are provided logistics for delivery and payment on confirmation.
Currently, it resells clothes, bags, shoes, and accessories, the service also has exclusive partnerships with leading celebrities through its ‘Celebrity Closet’ feature.
CoutLoot claims to be operating in 14 cities across India and has over 500,000 app downloads. The company competes with other startups in the pre-owned fashion category including Zapyle, Envoged.in, StylFlip and Etashee which cater to growing middle-class aspiration to own luxury brands.
Bengaluru-based Elanic had secured an investment from Tokyo-based incubator and venture capital investor Digital Garage in October, last year.
Last year, CoutLoot announced that it had raised an undisclosed amount of funding in its pre-Series A round via Venture Catalysts. The funding round was led by Anuj Puri, and also saw participation from Artha India Ventures, Sidharth Kothari, Venture Catalysts president Apoorv Ranjan Sharma, Dheeraj Jain of Redcliffe Capital and others.