Hyderabad-based startup, CloudTailor gets oversubscribed by 380% on Tyke
New Delhi : Stitching strong startup communities, Tyke has been a building block for Hyderabad-based startup CloudTailor.The D2C women’s fashion brand has received a rapturous response on the digital private investment gateway platform of Tyke. It was oversubscribed by an astounding 380%, easily causing an upswing in the company’s fundraising efforts for their Pre Series A funding round. The funding round culminated in securing INR 5 crores led by 35North Ventures, along with MergerDomo, where existing HNI investors Neema Rani from the US and Hyderabad-based Nirupa Reddy also participated. The funds will be used to expand personalized fashion fulfillment centers in eight cities throughout India, including Hyderabad, Bengaluru, Delhi NCR, Kolkata, Pune, Chennai, Patna, and Mumbai. Additionally, Cloud Tailor’s technology team and marketplace business models would also be bolstered with the funds.
Tyke’s vision is to become a private investment gateway for startups, angel networks and other institutions.The company orchestrates raising capital as a very friction-free and straightforward exercise by eliminating all the deterrents prevalent in raising capital. Currently, the firm is concentrating on automating private investment deals. Its platform enables entrepreneurs to start a round, define terms, and invite investors to participate. It then uses its own software to handle the necessary paperwork and signatures, as well as power the fund transfer in perfect sync.
Articulating about the sweeping response from the investors on the platform, Karan Mehra, CEO of Tyke, said, “The startup ecosystem is the core of India’s corporate future. Our objective at Tyke has always been to democratize it by creating a private investment portal that can give investors the right opportunities to invest in upcoming startups. This also creates chances for startups to develop their presence through strong community groups backing them throughout their journey. CloudTailor has had a great response from our platform, and we hope that they keep growing and keep making waves of change in the world of fashion.”
Expressing excitement about the impressive Pre Series A round through Tyke, Susmitha Lakkakula, Founder of Cloudtailor stated, “We’ve received a tremendous response in the past year and it’s great to see our brand grow from strength to strength. Our collaboration with Tyke has been highly successful and our campaign got oversubscribed (380%). We would like to express our gratitude towards our potential consumers, community peers, investors, and all those who support and believe in the startup economy. We have a robust expansion strategy in the pipeline, and this fundraiser will play a prominent role in seeing our plans come to fruition.”