Mohit Gupta, a former senior executive at Zomato, and Mukesh Bansal, co-founder of Myntra, have successfully secured $26 million in seed funding for their new venture, Lyskraft, an omnichannel fashion startup. This funding round stands out as one of the largest early-stage investments for an Indian startup, particularly in a period of reduced funding activity.
The substantial seed funding reflects investors’ ongoing interest in backing new ventures led by experienced entrepreneurs and seasoned executives. Notable investors in this round include global tech investor Prosus, Belgian investment fund Sofina, and partners of DST Global. Gupta mentioned that industry veterans from MakeMyTrip, Deep Kalra, Rajesh Magow, and Zomato founder Deepinder Goyal also participated in the funding round.
Lyskraft, headquartered in Gurgaon, will be led by Gupta as CEO, with Bansal serving as a strategic advisor and shareholder, but without an operational role in the company. Bansal, known for founding Myntra and Cultfit, is currently engaged in a new project focusing on deep tech and artificial intelligence.
Gupta highlighted the growing trend of premiumization across consumer categories as a key factor influencing the decision to target the high-end market with Lyskraft. He stressed the importance of a unique approach to the premium fashion category, especially women’s fashion, which he expects to see significant growth over the next 5-10 years. According to Gupta, an omnichannel strategy is crucial, blending online and offline elements to fully cater to the market’s needs.
Having left Zomato in November 2022 after making substantial contributions to its food delivery business, Gupta brings extensive experience from previous roles, including a decade at MakeMyTrip and time at PepsiCo India. Under his leadership, Lyskraft has already partnered with 15 brands in the premium women’s apparel category and aims to compete with established players such as Nykaa Fashion, Myntra, Ajio, and Tata Cliq.
Gupta explained that opting for an omnichannel approach from the outset allows Lyskraft to focus on addressing consumer and category challenges rather than being constrained by specific sales channels. He added that the company’s strategy involves a curated online and offline presence, taking into account the logistical challenges of brick-and-mortar retail and the strategic limitations of an open marketplace model.
