Stalk Buy Love shutdown on the cards, runs out of cash say reports
StalkBuyLove, an ecommerce retailer for women has run out of cash as the company faces a funding crunch reports Economic Times. A financing round for the company fell through and they were not able to shore up enough money to continue. Additionally there has been big pressure from Chinese companies that are doing direct sales in India eating into the market for etailers. The company was founded by Tushar and Shikha Ahluwalia in 2012.
According to the report fashion influencers, and even consumers of Stalk Buy Love took to social media platforms to protest against the founders of the company for “allegedly absconding without clearing dues and halting deliveries.” Insta influencers called out the brand for not paying for branding assignments.
“They should have scaled down operations and cleared dues and payments, instead they decided to continue their operations,” an employee told ET.
Stalk Buy Love on its site has claimed to design styles for specific needs of women. “As soon as we design new styles, we make them accessible online within 10 days from conceptualization. Styles might be quickly sold out because we do not keep a lot of stock – so you have to purchase quickly to avoid out of stocks. Our designs are super unique, so you will likely not find anybody else wearing the styles that we have.”
Brands like Voonik, Craftsvilla, Wooplr, Jaypore (now sold out to Birla group), ShopClues founded by Radhika Aggarwal were scaling down to shutting out or looking for selling out. Just a few years ago Ratan Tata backed Kaaryah also shut shop. SHEIN and other Chinese brands have flooded the market with clothes and continue to give discounted deals.
The company raised about $10 million over the last few years and included Kalaari Capital led by Vani Kola as one of its key investors. They had also raised funds from Trifecta Capital.