Delhi-based social commerce startup Stage3 on Wednesday said it has raised Rs 20 crore in funding co-led by Inflection Point Ventures and LC Nueva Investment Partners LLP along with Let’s Venture and Stanford Angels. Existing investor Blume Venture also participated in pre-series A round.
Angel investors including Mensa Brands founder Ananth Narayanan, Indiamart CEO Dinesh Aggarwal and BharatPe co-founder Sashwat Nakhrani also participated in the funding round. “The funds raised will be utilised in improving technology infrastructure, hiring talent and building data science capabilities,” the company said in a statement.
Stage3 expects to achieve an ARR (accounting rate of return) of USD 6-7 million (about Rs 45-53 crore) by March 2022. The company at present claims to have registered a year-on-year growth of 200 per cent with current annual ARR of around USD 3 million (about Rs 22.6 crore). “Our vision at Stage3 is to build the next generation of fashion commerce for young India that is social, personalized and influencer led,” Stage3 co-founder and CEO Sabena Puri said.
The company claims to have clocked a 30 per cent increase in its follower base across its social media platforms in the last 12 months.