DSLR Technologies, a developer of a content and commerce platform, has raised around $7 million in its seed round led by Matrix Partners and Accel Partners. This is the first investment round for the Bengaluru-based startup.
Entrackr was the first to report about DSLR’s new funding round in January.
DSLR Technologies has issued 200 equity shares and 50,444 seed preference shares in its Seed round to raise Rs 49.5 crore from Matrix and Accel, regulatory filings show. Matrix and Accel have put in Rs 24.74 crore each. The firm also raised Rs 4.06 crore through convertible debt from AL Trust (AngelList).
As per Fintrackr’s estimates, the company has raised the fresh funds at an estimated valuation of $25 million. Queries sent to one of the company’s co-founders didn’t elicit any immediate response. We will update the story as and when they respond.
While DSLR has not revealed much about its product, sources indicate that the company is building a video-led social-first content plus commerce platform for a mass premium audience with categories such as fashion, home decor and accessories. According to sources, the platform will be focused on women and weed out middlemen by connecting consumers directly to manufacturers or brands.
DSLR was founded by Ankush Goyal, former Vice President of Matrix Partners India. Goyal had previously led e-commerce investments for Matrix such as DailyNinja, DealShare, VeGrow among others.
On the lines of DSLR, Myntra’s former chief executive Amar Nagaram is all set to launch a new startup. The company was reportedly in talks to raise its maiden round at a valuation of $100 million. This is the second coming of new age fashion and lifestyle platforms in India.
During the 2012-15 period, several companies such as Zovi, YepMe and Voonik tried to take a crack at this segment with different models but none emerged victorious. But now, companies like these have an enormous opportunity to build the likes of Shein from India which is reportedly raising a pre-IPO round at about $100 billion valuation.