Lyskraft, founded by Mohit Gupta and Mukesh Bansal, bags $26 Mn in seed round

Omnichannel fashion startup Lyskraft, founded by Zomato’s co-founder Mohit Gupta and Myntra and Cultfit’s co-founder Mukesh Bansal, has scooped up $26 million in a seed funding round.

The round was led by Peak XV Partners with participation from Prosus, Sofina, and partners of DST Global, the company said in a press release. Angel investors including Makemytrip’s Deep Kalra and Rajesh Magow, and Zomato founder and CEO Deepinder Goyal also participated.

The startup has been building in stealth mode for the past few months and it recently launched a premium pop up store at Ambience Mall Gurugram and an online platform as a market testing initiative. It showcases more than 15 leading handpicked women’s fashion brands and designers at a time with new designers being added every week. 

Customers will also be able to shop these brands through its website.

Starting with women’s fashion, the platform will also expand to other lifestyle categories.

Lyskraft will be headquartered at Gurugram and will be led by Mohit as the co-founder and CEO while Mukesh will be a co-founder and strategic advisor to the business.

“The future of retail is omnichannel, especially for categories like premium fashion where touch, feel and experience of the actual product are key to consumer choice in the category. India’s deep roots in fabrics, craft, creative heritage & manufacturing strength also put us at a unique position to play a large role at the global stage,” said Gupta.

Despite the tough fundraising environment, seed stage startups have been able to raise a sizable amount in the beginning of 2024 (time period). While Lyskraft stood at top with $26 million, it’s closely followed by Generative AI startups Ema and Neysa which raised $25 million and $20 million in their seed round respectively. Some of the notable seed funding this year also includes Origami, Optimo Loan, LightFury Games and Veera.