ISB Alumni Led Smytten Raises $200,000 in Seed Funding

Online product and services discovery platform Smytten, co-founded by two ISB graduates, Siddhartha Nangia and Swagata Sarangi, has raised $200,000 in seed funding.

This round was led by Rimpal Chawla, ex-MD of Credit Suisse Asset Management India, and Anuj Srivastava, CEO of Livspace.

Smytten, a mobile application, showcases premium brands from India and abroad as well as highend wellness, fitness and luxury stay services. It claims to provide its customers an engaging and curated discovery trial and shopping experience for premium products.

Sarangi is a former head of business marketing at Google while Siddhartha, an FMCG industry veteran, was a director at Unilever UK.

Smytten said in a statement that the funding will allow it to focus on products and services in premium beauty and grooming, luxury stays, and high-end fitness and wellness services, and consumer lifestyle products and services.

Against the backdrop of exponential growth of the premium and super-premium market in the last three years in India, the categories that Smytten has a presence in are pegged at $6 billion. These are estimated to touch $20 billion by 2020.

Against the backdrop of exponential growth of the premium and super-premium market in the last three years in India, the categories that Smytten has a presence in are pegged at $6 billion. These are estimated to touch $20 billion by 2020.

The start-up aims to be the top-of-mind choice for India’s high-spending consumers called HENRY (High Earning, but Not Rich Yet), a rapidly growing market, estimated by some reports to currently be in the range of 20-25 million.

Smytten claims that it is different from others with its emphasis on curation, offered by few platforms in India. The company caters to individual consumer needs, helping them sift through the information overload, in the process connecting brands with the right audience.

“Despite the huge market for premium products and services, the information available is fragmented, interaction with brands sub-optimal, trial avenues limited, and the sector has massive consumer trust issues due to counterfeit products,” Sarangi said in a statement.

Smytten offers one-stop discovery, free trials for experiencing the brands, and recommendations for making purchase decisions.

It also provides assisted shopping and for the more advanced shopper, features such as customised offers and the ability to build their own likes list for regular purchases. Smytten has tied up with more than 50 premium/super-premium brands to offer consumers genuine sampling experiences and the opportunity to purchase online.

While the company’s immediate focus would be India, it aims to go global over the next three years. “We are excited to go live with Smytten. By offering consumers premium brands, sampling opportunities, curated content, and expert recommendations we are put at the high end of e-commerce and engagement. We believe we have hit the sweet spot with both consumers and brands,” he added.