Facebook Pumps $40,000 in India’s Youngest Pre-Owned Fashion Start-up CoutLootby Adeesh Sharma November 30, 2016 0 comments
CoutLoot, one of the India’s first end-to-end fashion re-commerce platforms has been selected for Facebook’s developer-focused FbStart programme, which is designed to help early-stage mobile-focused startups on building and growing their apps. The curated marketplace that focuses on pre-loved fashion space has received access to $40,000 worth of credits and services from Facebook and various other platforms.
Launched last year, FbStart is a programme that helps thousands of developers grow their startups by leveraging valuable tools & services, worldwide events, and opportunities to engage with the Facebook team. Under the programme, CoutLoot would also receive mentoring from Menlo Park-headquartered Facebook’s engineering teams and services from its partners like AWS, Annie, Dropbox, Adobe and MailChim. It will also get a chance to get access to the exclusive community of its developers and worldwide events. The program provides free access to more than 25 services including open source tools like React Native, FB Login and Account Kit and App Analytics. According to independent newswire agency IANS, India is the largest market for FbStart outside the US. According to the product partnerships team at Facebook, over 75% of top-grossing apps in India get integrated with Facebook.
Commenting on the selection, Jasmeet Thind, Co-founder, CoutLoot said, “We at CoutLoot are constantly striving to make pre-loved and pre-owned fashion reselling a first-of-its-kind experience in India. Although our primary objective is to tackle the problems of scale and quality service in this space, we are presently focusing on enhancing user engagement and growing the user base. FbStart programme will be an immense boost to us at this phase of our evolution. Receiving mentorship from the pioneer of social networking will bring a huge opportunity for us to lead the fashion re-commerce revolution in India within the next couple of years.”
Founded by Mahima Kaul, Sahil Khimavat, Vinit Jain & Jasmeet Thind, CoutLoot is a one-stop solution to de-clutter one’s closet for cash. While sellers get paid for selling off unused branded and boutique fashion items from their closet, buyers get to avail products from the best brands in a nearly-mint new condition at up to 80% off.
Based out of Mumbai, CoutLoot delivers all over India, however, selling is restricted to 14 cities including Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Ahmedabad, Pune, Bangalore, Noida, Gurgaon, Ghaziabad, Surat, Kolkata, and Jaipur. While selling and buying happen via CoutLoot’s Android and iOS apps, its website can be accessed for buying across all regions of the country. So far, the online platform has sold close to 1000 ethnic outfits. Although a relatively new concept at present catering to special occasions, CoutLoot is also preparing to start its customised tailoring services to ensure perfect fitting of the outfits to the buyers. Meanwhile, considering that over 1 crore weddings take place annually in metro cities, CoutLoot is also planning to start a wedding section for buying and selling wedding and bridal fashion.