Latest News | Stage3 Raises Rs 20 Crore in Pre-Series A Round

New Delhi, Dec 8 (PTI) 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.

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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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)