Bangalore based online retailer MiraiStore which went live on the first day of the Great Online Shopping Festival (GOSF) organised by Google has raised over $1 million from angel investor Prem Kumar M.
Ram Bhamidi, CEO of MiraiStore.com did not disclose the exact amount but confirmed that the amount of investment is over $1 Million.
The company clocked nearly 200 orders, and a majority of them came from GOSF, they said. The capital will help MiraiStore to scale its operations and will be used for product development, improving logistics and back-end systems; and for marketing, the company said.
MiraiStore is inspired from the Japanese word Mirai which means ‘future’.
Currently, the store operates two categories and has four sub-categories — apparel, accessories, designer for women and men. For women the store offers sub categories under apparel such as denims, dresses, ethnic wear, saree including 7 other, on accessory head, MiraiStore offers bag and clutches, hair accessories, slippers etc.
For men, the etailer gives options like casual, ethnic and party wears etc. under apparels including sunglasses, wallets, belts, scarves and mufflers in accessory section.
Speaking about launch and GOSF factor, Ram Bhamid, CEO, MiraiStore said “On the day of our launch, we received over 200 orders and a majority of them came through GOSF. This was higher than our expectations for our launch day, importantly our traffic went up 415% on GOSF”
Founded by Ram Bhamidi, Asha Shridhar, Sankar Bora and Femina Prem, MiraiStore sells goods with a 24 hour shipping guarantee and brands like FCUK, Alcott, Free soul, Jealous 21 and People. “We plan to become a significant player in the online fashion space and will strive to grow profitably from day 1,” added Bhamid.
Fashion and apparel is one of the largest categories in the Indian e-commerce scene.