Opening up the India opportunity for global importers, Reevoy, an international fashion trade platform, is looking to connect retailers and manufacturers of fashion and home decor brands globally. The startup envisions enabling players in the global fashion trade to leverage market insights based on design trends and improve delivery timelines. 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 one-stop platform accelerating global trade for SMEs.
“In today’s world, ordering a coffee for Rs 50 on an app gives hundreds of restaurants options to choose from showing minute-by-minute visibility on the order progress – it is surprising that export orders worth millions are being managed the same way they were 50 years ago. Reevoy aims to turn this on its head, unlocking the Indian opportunity for global importers,” says Ankur Khetan, Founder, Reevoy.
In addition, Reevoy’s integrated tech platform helps to find the right exporters and streamline the production process – from design to final quality checks.
Understanding the challenges
Today, the majority of the global fashion trade is facilitated through traditional buying agents, bringing in several inefficiencies owing to the fragmented nature of the buying agents. Also, the top five buying houses in India account for less than 10 percent of India’s fashion trade globally. Market reports suggest that there is a USD 1 trillion global B2B fashion and lifestyle sourcing market ready for disruption, of which USD 50 billion is contributed by Indian exporters. Due to limited mobility, importers are increasingly looking for exporters who are well adapted to tech innovations. At the same time, there is a severe lack of expertise in product development 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 via discovery, order management, and financing. When it comes to the acquisition layer, Reevoy executes and verifies digital profiles with updated certification and capacity details. They also undertake catalogue generation at a click of a button. Their financing acquisition layer provides collateral-free factoring for enabling growth via low cost of capital and also helps attract supply and demand. These minimise risks owing to control over the process, thus attracting leaders. The order management layer enables the entire process of managing orders which allows for tracking and managing inventory, sales and customer information in one place for easy access to all the data at any point of 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 flywheel component. Today, Reevoy works with 10+ retailers globally and 80+ factories across India and Bangladesh. The company has shipped one million pieces so far and is looking to double its growth.
Addressing the gaps
Reevoy is also working towards its AI-driven tech that uses market analysis and research to identify and forecast trends for the colour, style and design. With the help of this development, the startup aims to facilitate the fashion industry’s capabilities, which would help retailers and manufacturers embark upon a new era in fashion. Predicting new trends and working on them will become more accessible in newer ways that have never been possible earlier.
The company allows enterprises to focus on business development, by providing streamlined operations. While exporters from India are capitalising upon the global supply chain and the domestic initiative through the ‘Make in India’ campaign, importers continue to undergo uncertainties while buying from India compared to the well-integrated supply chains of China and South-East Asia. The company has been filling this gap.
Launched in 2020 by Ankur Khetan, Ishan Dadhich and Mohit Agarwal, the founders and the core team bring together expertise in fashion, technology and financing. With a combined past experience of working with large global retailers, the team offers a lot of value to the ecosystem clubbed with their previous academic and professional journeys. The team’s strengths are quintessential to Reevoy’s focus and demonstrate critical strengths as they move in their entrepreneurial journey.
The startup has raised around USD 4 million as seed money, led by 9Unicorns and VCats, followed by participation from Better Capital, Earlsfield Capital Partners, Kunal Shah, Anupam Mittal, Ketan Patel and Hanumantha Kumar. Recently, the startup raised Rs 48 crore from Singapore-based private debt investment firm Kilde in a fresh capital raise.
