- ByStartup Story | October 14, 2022
“Currently, other companies in the market provide sourcing and supply chain services to buyers and manufacturers. At Reevoy, we use our technology platform to give users first-hand experience in global fashion and home decor brands to buy from manufacturing savings with the click of a button. Our company’s vision is to enable players in the global fashion trade to leverage market insights into design trends and improve delivery times. We want to provide world-class supply chain infrastructure to all players in the ecosystem. – said Ankur khetan, CEO and co-founder of Reevoy in an exclusive interview with Startup Story.
Ankur Khetan obtained his MBA in finance and marketing from the Indian School of Business (ISB). He comes from a textile family and studied textile engineering at IIT Delhi. After earning his engineering degree, Ankur worked with a number of companies such as Oracle, Deutsche Bank and The Parthenon Group. His global exposure in various fields, including strategy, technology, and startup experience, has always kept him in a good balance between chaos and structure.
He has always had a flair for business and entrepreneurship, even at the start of his degree, the Entrepreneurship Development Cell appointed Ankur as President, where he founded a platform called Findyourchef.com – a delivery app that has helped people order food from different restaurants and successfully collaborated with over 70 restaurants. Not only that, he was also selected to represent IIT-D for the delegation to Stanford University for an entrepreneurship program.
Idea behind the startup
Long before embarking on his entrepreneurial journey, Ankur was exposed to the manufacturing industry; being the son of a clothing retailer, he learned a lot and understood the inner workings of the industry working with his father. He was deeply involved in the ecosystem, helping his father manage orders and inventory for the season, he noticed the fast out-of-stocks of popular items and the excess of slow-selling items, he also analyzed the environment around him and quickly discovered the immense potential of the industry. tenuous.
One of the industry’s biggest challenges was the lack of infrastructure – “Today, approximately 50% of global fashion trade is facilitated by intermediaries, resulting in several inefficiencies due to the fragmented nature of The top 5 buying houses in India (PDS, Triburg, New Times, Impulse) account for less than 10% of the global fashion trade in India.” -commented Ankur.
Inspired to solve this challenge, he started Reevoy– a one-stop solution for global retailers and exporters. Ankur has always taken small maker scruples seriously, empowering makers was a priority when he started his journey with Reevoy. His vision for Reevoy was to change the textile business model by bringing small manufacturers around the world into the industry and helping them realize its benefits by connecting them to retailers.
The journey so far
Reevoy is a frictionless global fashion commerce platform connecting retailers and manufacturers. The company assists parties from discovery, design, prompt delivery and quality. Reevoy’s unique approach to disrupting the market using its technology platform and highly trained professionals working with retailers and manufacturers helps it produce the best quality products in record time. Reevoy’s vision is to enable players in the global fashion business to leverage market insights on design trends and improve delivery times so players can enjoy better PnL.
They launched their start-up in October 2020. There is no doubt that Covid has been a time of distress for the economy, but it has forced everyone to think outside the box, with the digitization of everything multiplying and reaching record levels, it was the best time for them to start. The pandemic has primed them to build their processes and business model around the future of fashion.
Since its inception, they have only had a handful of importers and factory collaborations; however, they have come a long way and have currently added 20% revenue to the first line of exporters by increasing their turnover; and provide quality products at the best price to retailers. They launched a platform with sustainable solutions by providing supply chain transparency and are now working on AI/ML models to predict design trends and minimize supply chain time to market. Reevoy, which already has more than 10 retailers and more than 80 factories worldwide, plans to expand to more than 200 factories the following year. The company has shipped one million pieces so far in 2022 and plans to ship another two million items in the rest of the year.
About the team
With a team of around 60 members working from Mumbai, Delhi, Dhaka, Dubai, empowering small manufacturers is a vision shared by all. Ishan Dadhich and Mohit Agarwal, the co-founders of the company have also been closely associated with the manufacturing industry. Ishan’s father was a clothing manufacturer and supplier to major retailers such as VMart. He is well aware of the pain that manufacturers suffer due to the inaccessibility of advice and information on design, delivery, fulfillment and inventory management, among others. Meanwhile, Mohit Agarwal has spent over five years in investment banking and is an expert in dealing with debt capital markets and M&E among others. His time at Zomato (while at BCG) and Flixbus had a significant impact on manufacturers while dealing with the challenges associated with global markets.
The three co-founders understand the company’s vision for the future, they have always encouraged and supported their team members in such a way that people can freely share different ideas and proposals. They have created a team where people have a sense of belonging and responsibility, which makes them strong and confident. Giving constant feedback has always been crucial as a team player; this allows employees to understand and grow further by strengthening the core in their area of expertise.
Speaking about customer experience, Ankur said, “Customer experience is the top priority at Reevoy. Our entire team works closely with our customers to improve our processes and products. he added, “We faced some challenges in the early stages of startup, in terms of finding the right PMF; however, now Reevoy is a well-known brand in the places it operates. We are thrilled to make Reevoy synonymous with the global fashion business. when asked to talk about the challenges they have faced so far.
Current funding and plans for the future
To date, they have raised funds worth 4 million (30 cr) in the round led by 9 unicorns including Better Capital, VCAT and super angels consisting of Anupam Mittal, Alok Bansal, Aman Gupta, Neha Singh and Kunal Shah. Over the past 12 months they have had great traction and are now looking to expand their network. They aim to establish their company name as an analog to the global fashion business.
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