Lyskraft Secures $26M in Seed Round Led by Peak XV Partners

In a significant development for the fashion industry, Lyskraft, an omnichannel fashion startup, has successfully raised $26 million in its seed funding round. Founded by industry veterans Mohit Gupta, co-founder of Zomato, and Mukesh Bansal, co-founder of Myntra and Cultfit, the company has garnered attention from prominent investors.

Peak XV Partners spearheaded the funding round, joined by notable investors such as Prosus, Sofina, and partners of DST Global. Additionally, angel investors including Deep Kalra and Rajesh Magow from Makemytrip, as well as Deepinder Goyal, founder and CEO of Zomato, showed their support for Lyskraft.

Operating in stealth mode for several months, Lyskraft recently unveiled its presence with a premium pop-up store at Ambience Mall Gurugram, along with an online platform. The initiative serves as a market testing ground, featuring over 15 leading women's fashion brands and designers, with new additions introduced weekly. Customers can conveniently explore and purchase these brands through Lyskraft's website.

While initially focusing on women's fashion, Lyskraft plans to expand its offerings to encompass various lifestyle categories. Headquartered in Gurugram, the company will be led by Mohit Gupta as the co-founder and CEO, with Mukesh Bansal assuming the role of co-founder and strategic advisor.

Mohit Gupta emphasized the significance of omnichannel retail in the future, particularly in premium fashion, where the tactile experience plays a crucial role in consumer decision-making. He also highlighted India's rich heritage in fabrics, crafts, and manufacturing, positioning the country as a significant player on the global stage.

The success of Lyskraft's seed funding round reflects a promising trend in the startup ecosystem, despite the challenges posed by the fundraising environment. Notable ventures such as Ema and Neysa, specializing in Generative AI, have also secured substantial investments in their respective seed rounds. This year has witnessed remarkable seed funding activities across various sectors, showcasing the resilience and innovation of emerging startups like Lyskraft.