Opening India opportunity for global importers, , an international fashion trade platform, seeks to connect retailers and manufacturers of fashion and home décor brands globally. The startup envisions enabling players in the global fashion trade to tap into market insights based on design trends and improve delivery times. It claims to help importers source high-quality products from Indian exporters and provide working capital to finance transactions. The company has built its image as a comprehensive platform that accelerates global trade for SMEs.
“In today’s world, ordering a coffee for Rs50 on an app gives hundreds of restaurants options to choose from that show minute-by-minute visibility into the progress of the order. It is surprising that export orders worth millions are handled in the same way as before. 50 years ago. Reevoy aims to change this, unlocking the Indian opportunity for global importers,” he says. Ankur KhatanFounder, Reeve.
In addition, Reevoy’s integrated technology platform helps find the right exporters and streamlines the production process, from design to final quality checks.
Understanding the challenges
Today, most of the global fashion trade is facilitated through traditional buying agents, leading to several inefficiencies due to the fragmented nature of buying agents. Furthermore, India’s top five buying houses account for less than 10 percent of India’s fashion trade globally. Market reports suggest that there is a $1 trillion global B2B fashion and lifestyle sourcing market ripe for disruption, of which $50 billion is contributed by Indian exporters. Due to limited mobility, importers are increasingly looking for exporters who are well adapted to technological innovations. At the same time, there is a serious lack of experience in developing products with limited or no access to quality credit.
Reevoy’s platform has created a strong moat for business by addressing these global fashion trade challenges through discovery, order management and financing. When it comes to the acquisition layer, Reevoy runs and verifies digital profiles with up-to-date certification and capability details. They also perform catalog generation at the click of a button. Its financing acquisition layer provides unsecured factoring to enable growth through a low cost of capital and also helps attract supply and demand. These minimize risks by controlling the process, thus attracting leaders. The order management layer enables the entire order management process, allowing you to track and manage inventory, sales, and customer information in one place for easy access to all data at any time.
From a supply chain perspective, Reevoy manages the entire pre-delivery supply chain across multiple manufacturers by using the data to create machine language-enabled quality checks as a flying component. Today, Reevoy works with more than 10 retailers around the world and more than 80 factories in India and Bangladesh. The company has shipped a million pieces so far and is looking to double its growth.
Address the gaps
Reevoy is also working on its AI-powered technology that uses market research and analytics to identify and forecast trends for color, style and design. With the help of this development, the startup aims to facilitate the capabilities of the fashion industry, which would help retailers and manufacturers embark on a new era in fashion. Predicting new trends and working on them will be more accessible in new ways than have ever been possible before.
The company enables companies to focus on business development by providing streamlined operations. While Indian exporters are capitalizing on the global supply chain and national initiative through the ‘Make in India’ campaign, importers continue to experience uncertainties when buying from India compared to India’s well-integrated supply chains. China and Southeast Asia. The company has been filling this gap.
Released in 2020 by Ankur Khetan, Ishan Dadhich Y Mohit Agarval, the founders and the core team bring together experience in fashion, technology and financing. With a combined past experience of working with large global retailers, the team brings a lot of value to the ecosystem hit by their previous academic and professional travels. Team Strengths are the quintessence of Reevoy’s approach, demonstrating critical strengths as they progress through their business journey.
The startup has raised around $4 million in seed capital, led by 9Unicorns and VCats, followed by participation from Better Capital, Earlsfield Capital Partners, Kunal Shah, Anupam Mittal, Ketan Patel Y Hanumantha Kumar. The startup recently raised Rs 48 crore from Singapore-based private debt investment firm Kilde in a new capital increase.
