[Funding alert] Pre-loved South Asian brand Saritoria raises $500K mn after the success of their MVP in the first year of trading

Saritoria raised 500K USD on the basis of the success of the MVP in the first year of trading. Co-founders, Shehlina Soomro and Pernia Qureshi launched Saritoria in 2021 as the first global platform to buy and sell pre-loved South Asian in India to tap the $18bn opportunity for South Asian resale for local Indians and the diaspora.

With the funds raised, brand’s visionary co-founders aim to use the funds for investing in technology and growing the pre-loved business, including a sophisticated mobile application, which is slotted to launch early next year.

The app aims to upgrade the consumer experience and services and will also list carefully curated selections of second hand goods from European as well as American designers like Jimmy Choo, Gucci, Burberry to name a few. There will also be a new and updated version of the website which is growing tremendously, with 100s of items being listed each month. Furthermore, the funds raised will also be used in capturing the consumer base in our core markets of Mumbai and Delhi where we see significant growth opportunities as well as expanding to additional markets within India.

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Commenting on the funds raised, Pernia Qureshi, Co-founder, and Creative Director, Saritoria said, “It is so exciting and encouraging to see people we admire believe in Saritoria and be this forthcoming in investing with us. We have a shared vision of revolutionizing the luxury fashion space in India and have built a beautiful and powerful community of angels to take us one step closer to our goal.”

Last year, the Business of Fashion estimated the global resale market to be worth $130bn, while Thredup have predicted that the resale sector will be double the size of fast fashion by 2030. Vestiaire Collective (10 million users), Depop (30 million users) and Vinted (45 million users) have won over consumers in Europe over the last decade, each garnering valuations of over $1bn.  Similarly, the US has been dominated by unicorns The RealReal and Poshmark. However, Asia has been a largely untapped market. Vestiaire Collective has raised financing last year specifically to tap Korea and Japan.

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The acceleration of Fashtech is instrumental in the expansion of the preloved market. Platforms like Saritoria enable everyday consumers to create their own resale businesses at the click of a button and monetise clothing which would otherwise never see the light of day again. Platforms like Saritoria encourage people to grant a new piece of life to couture pieces and also earn some money by re-selling them. As technology continues to advance, so too will the ease of access to the resale market.

Co-founder Shehlina Soomro added, “I am extremely proud of what the team at Saritoria has achieved at such an early MVP stage. I’m even more excited for the impact that can be made now with funding – we’re looking forward to improving the tech experience for our valuable customers as well as expanding our reach within India.”

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About Saritoria

Saritoria is an idea born from a dream to redefine luxury couture with pre-loved pieces that tell a story. It provides younger and eager consumers easy access to beautiful and authentic garments from all the biggest South Asian designers at an amazing value otherwise inaccessible to them. In parallel, it also helps build a streamlined wardrobe for many, empowering them to make smart and conscious decisions and be a part of the global circular economy.

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