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Fashion-focussed quick commerce platform Slikk has raised $10 Mn (INR 85.12 Cr) in its Series A round led by Nexus Venture Partners. The round also saw participation from existing investor Lightspeed.
The startup plans to use the fresh capital to foray into new lifestyle categories, launch “instant returns” and expand into more urban pin codes.
Speaking with Inc42, Slikk cofounder and CEO Akshay Gulati said, “… we are super bullish on entering all… categories in the fashion and lifestyle segment, be it accessories and wearables, beauty and personal care or any other category, we intend to enter every single category possible.”
The quick commerce platform also plans to foray into new categories such as home decor, luggages and backpacks, among others. Speaking about the startup’s plans to bolster its presence in Bengaluru, Gulati said that Slikk will establish two new dark stores in the city in the next 45 days.
Founded in 2024 by Gulati, Om Prakash Swami, and Bipin Singh, Slikk is an online marketplace that delivers fashion items in under 60 minutes. So far, the Bengaluru-based quick fashion startup claims to have onboarded 150 brands on its platform, and is eyeing 500 brands by the end of this calendar year. It is currently operational in Bengaluru.
Amid the exponential growth in the quick commerce segment, Slikk’s latest funding round comes just a couple of months after it raised $3.2 Mn in seed funding to expand its operations and strengthen its leadership team. The startup counts Multiply Ventures, Better Capital and Untitled Ventures among its backers.
Slikk competes with platforms such as Blip, Myntra’s M-Now, among others.
The fundraise comes at a time when quick commerce has become all the rage in India. From groceries, daily essentials, and food to home decor and home services, quick delivery platforms are leaving no stone unturned to cash in on the quick delivery mania. A number of emerging startups like Plazaa, Snabbit, Blitz, WAAYU, Zing and Swish are looking to disrupt fashion, healthcare, shoes, food, and other sectors with their quick offerings.
These startups are being backed by investors who are pouring billions of dollars in the quick commerce sector to cash in on the boom. Yesterday, Inc42 reported that on-demand home services platform Snabbit is in advanced stages of discussion to raise $20 Mn in its Series B funding round, which will be led by Lightspeed Ventures.
As per an Inc42 report, the Indian quick commerce market is projected to become a $40 Bn opportunity by 2030.
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