Fashion recommerce platform CoutLoot has been selected for Facebook’s developer-focused program FbStart which caters to the early-stage, mobile-focused startups.
Under the accelerator programme, the startup will receive $40,000 worth of credits and services from Facebook and its partners including UserTesting, Dropbox, and MailChimp.
CoutLoot was founded in November 2015 by Jasmeet Thind along with Mahima Kaul, Sahil Khimavat, and Vinit Jain. It works on a hybrid marketplace model and provide users a platform to buy and sell a curated collection of pre-owned designer wardrobe. For every transaction, it charges 20% commission. As of now, it provides sellers in Mumbai, Delhi, Pune and Bengaluru a free pick up service and provides delivery to the buyers pan india.
The team has also partnered with “The Candle Project” a non profit which helps get education to underprivileged children in the society. They also raised an undisclosed amount of funding from Venture Catalysts in June 2016.
As said by Jasmeet earlier in a statement, “From doing 50 orders a day, we want to reach to 500 orders a day by the end of this year.” Currently present in 10 cities comprising Mumbai, Delhi, Pune, Jaipur, Calcutta, and others. It aims to expand to more tier 1 cities by the year end. It has tapped into the bloggers networks and enlisting celebrities on the platform to increase traction.
Facebook launched FbStart in 2014 with an aim to help early-stage mobile startups build and grow their apps. It provides an exclusive community, worldwide events, and mentorship from Facebook to the startups along with $80K in free tools and services.
FbStart includes three tracks, viz., Pre-launch (up to $15K benefits), Bootstrap (up to $30K benefits), and Accelerate (upto $80K benefits). The programme provides free access to more than 25 services including open source tools like React Native, FB Login and Account Kit and App Analytics.
India is the largest market for FbStart outside the US. According to the product partnerships team at Facebook, over 75 per cent of top-grossing apps in India get integrated with Facebook.
The post first appears in ET.