India’s first fashion social networking site, Roposo, announced yesterday (Aug. 18) it secured $15 million from existing investor Tiger Global.
The latest investment brings the company’s total amount raised to $21 million.
The discovery platform allows online and mobile shoppers to search and log makeup and clothing as they scour the Web. But the site also highlights popular items and trends, plus gives brands a platform to create a store account.
The future of Roposo is directly linked to the rapid growth of India’s eCommerce market, TechCruch reported, which is on track to becoming the fastest growing in the world.
As inexpensive mobile devices and 2G subscriptions grow in number, spurring Internet use in India, total online users could top 500 million by 2017.
The growth in Internet users will come as people who live in India’s cities move swiftly to upgrade to 3G and 4G, with “slower but more affordable” data plans motivating people outside cities to embrace the Internet.
Internet and Mobile Association of India President Dr. Subho Ray said in a statement last month that the Internet growth will be spearheaded by initiative in rural areas: “The advent of low-cost smartphones coupled with low mobile tariffs has empowered consumers in the hinterland to use data connectivity, and we will be seeing more usage from those areas in months to come.”
According to Roposo, it currently has more than 1 million users, along with 200 Web stores and 4,000 brands represented on the platform. Just five months ago, the curated fashion startup landed a $5 million Series A funding round.
“We want Roposo to be better than Google and Facebook for fashion searches,” said co-founder Mayank Bhangadia in a statement at the time. “We are sure serious fashion seekers will make Roposo their default fashion search engine.”
Backers included India Quotient and Flipkart co-founder and COO Binny Bansal.
Tiger Global has also been making waves in the startup community as of late.
The New York-based hedge fund led a $30 million investment round for GreyOrange, a company that manufactures and deploys robotics systems to automate eCommerce and logistics processes.