Relove, an India-based technology platform that helps brands embrace circularity by deploying a resale programme and launching their own digital factory outlet, has received $700,000 in pre-seed funding. The funding round was led by Hearth Ventures with participation from Blume Ventures and angel investors Anita Dongre, Aakrit Vaish, and Utsav Agarwal.
This investment will help Relove scale its mission to enable circularity in fashion. The company plans to use these funds to help more brands become circular, expand its product to additional categories, and launch its offline takeback programme in physical stores, according to a press release by Relove.
Founded in November 2021, Relove creates wealth for brands. Their resale technology helps brands acquire new customers and build deep customer loyalty. Digital factory outlets help them liquidate damaged inventory, while extending the life of garments and diverting them from landfills.
While resale has been a long-standing problem many in India have tried to solve, Relove has addressed the open questions on authenticity, profitability, scalability, security, shipping, and defective inventory by providing an easy to adopt and hands-free technology to fashion brands.
“Hearth Ventures is delighted to partner with the Relove team as lead investors in their pre-seed round raised in Q3 2022. This investment underlines our focus on circular economy, and the need for greener lifestyle choices,” said Shefali Chhachhi, co-founder and managing partner at Hearth Ventures. “Our decision to invest in Relove was driven by both the need for such a solution for fashion and lifestyle brands as well as a strong conviction in the founder’s ability to solve effectively for this challenge, given their experience, passion, grit, and execution focus.”
“This funding is proof that our solution, while sustainable for the planet, also has a profitable growth model for us, our brands, and their consumers. Through this funding we are going to ensure scale, by normalising having a resell button on every website,” said Kirti Poonia, Co-Founder Relove.
“We’re excited to have found the right partners to fuel the growth of circularity in India, and tap into its enormous potential. We aim to switch the narrative of sustainability from a burden on the company to a growth channel,” said Prateek Gupte, co-founder Relove.
Relove is live with 40 brands across multiple categories such as women’s apparel, men’s apparel, kidswear, and jewellery including Suta, Bunaai, Okhai, Saundh, The Summer House, and Snitch, added the release.
The fashion industry contributes to 10 per cent of global CO2 emissions and is actively seeking to adopt sustainable practices. Relove looks to support this transition and target the growing resale phenomenon globally, estimated to hit $218 billion by 2026.
