AI Based Personal Styling Startup Fabulyst Raises Rs 1.4 Cr
Part of the funds will be used to upgrade the consumer interfaces for global demographics.
Fabulyst is a deep tech solution in fashion commerce. The technology emulates a personal stylist and holds the capability of solving the natural user queries with zero manual intervention.
Shopping fashion is an experience. It consists of two key components:
· Finding the right products.
· Styling the products to create a statement.
As the Industry is moving from offline to online, none of the above is being catered. Even the biggest fashion stores offer only the collection of apparels and rest is for the customers to figure out.
The lack of this crucial assistance for the customers is leading to low conversion ratios. This puts a major question of sustainability for the existing online fashion stores. Fabulyst's Virtual Personal stylist provides the solution for these fashion stores by enriching the customer experience. The customer experience enhancements are aimed at adding context to entire customer journey. This broadly includes assisting the consumer in finding the most relevant products upfront and then assisting them with personalized advice while they make the purchase decision. The consequences are increased interest in browsing which can be validated from 2X average page view for Fabulyst users when compared with the users who don't use Fabulyst. This also leads in added sales and builds a strong brand recall with the customer which can be validated from the increase repeat visits by Fabulyst users.
Fabulyst CEO Komal Prajapati said "Our focus has been on understanding the user journey and factors that lead to a conversion. We have conducted user research by interviewing 1000 women in person and churning through client notes for more than 5000 styling sessions.The literature we have used is global in nature and our systems can be trained to perform with 95% accuracy for different demographics within no time."
The proprietary technology platform developed by team Fabulyst is currently being patented. It’s a unique solution that uses deep learning in conjunction with 40000+ styling and trend based axioms. These axioms have been created with an year long R&D by some of the best image consultants and personal stylists in the industry.
With a recent investment of Rs 1.4 crores in seed round from iBhubs.co, a pan-India startup hub, Fabulyst is working to improve its existing technology and acquiring global e-commerce clients. Part of the funds will be used to upgrade the consumer interfaces for global demographics. In a short span of a year after inception, The startup has been recognized by Startup India Program. Fabulyst has also been part of the deep tech accelerator program "Avishkar" from IIIT Hyderabad where the team worked with some of the leading innovators in deep tech to craft a robust technology platform. Post the establishment of a product that can really showcase the impact, Fabulyst team then went through acceleration with Axilor Ventures Accelerator program, founded by Infosys co-founders Kris Gopalakrishnan and S. D. Shiburam. During the program, the team experimented with various business models to bring the solution to market.
The Fabulyst solution is live with Mebaz.com, luxury ethnic wear brands that's keenly focused on providing an enhanced experience to their users. "Our aim is to create an awesome experience where users feel confident while shopping fashion online. We are looking at an aggressive growth in the year ahead. Our current addressable market is almost 34B $ and there is a huge demand for a solution like Fabulyst in the global markets." said Raj Parakh, CMO at Fabulyst.
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