With an intention to create a tech-experience like never before in India’s re-commerce industry, CoutLoot, the country’s most favourite fashion re-commerce platform has created and launched a revolutionary AI and Image Recognition-based selling module on its app called Firesell. The intelligent addition will enable its user to list any product on the platform within a few seconds without typing anything at all.
Backed by Facebook and a part of the investment portfolio of Venture Catalysts, India’s top integrated incubator platform, CoutLoot has been quite popular among young millennials as the go-to buying& selling app. The new feature intends to further amplify its services for them. The Firesell module enables the seller to click and upload the picture of the desired product on CoutLoot. The algorithm automatically scans the product and gives out an accurate title to the product, capturing the brand as well, if visible. It’s like magic, listing an item!
Commenting on the advanced tech addition, Vinit Jain, Tech Co-Founder, CoutLoot said "We're building CoutLoot for young India and it hates waiting or typing long descriptions of products to list. Based on the consumer feedback received and the vision of creating India's largest consumer-to-consumer app, we decided to introduce relevant features which are powered by new age technology. Post the launch of this feature, we've seen a 150% increase in our daily listings, In fact, a lot of users have admitted to being hooked onto the selling feature because of the way it's packaged and rolled out, with a lot of attention to minute detail. We're essentially creating the segment and after fashion we're looking at our aggressive entry in other relevant categories consumed by millennials. This is just the beginning of exciting times to follow.”
Backed by Venture Catalyst since its early days, CoutLoot’s growth in the C2Ccategory has been unparalleled since its inception. From a selling-only platform operating in Mumbai, CoutLoot has extended its operations across 32 cities and achieved more than 700,000+ app downloads. One of its unique features-‘Celebrity Closet’-which allows users to purchase items from the personal closets of celebrities having an exclusive partnership with CoutLoot, has also been at the forefront of receiving an overwhelming response from its users.
The platform’s strong existing investor profileis also encouraging others from theinvestor community to associate with the Indian re-commerce vertical to help create larger opportunities in the future. In fact, CoutLoot has recently raised a $1M round from Chinese giant CashBUS's investment arm Jadevalue Fintech and is preparing to enter other relevant categories for P2P transactions in the months to follow.
Describing CoutLoot’s tech innovations and rapid expansion as ground-breaking in the e-commerce space, Dr Apoorv Ranjan Sharma, Co-founder & President, Venture Catalysts, said, “CoutLoot's growing footprint and tech innovations are nothing short of revolutionary. It is commendable to see the platform building a strong bond of trust through user-friendly experiences to an extent that its buyers are now becoming sellers and vice versa. We at Vcats have always had an eye for outstanding startups backed by aggressive founders trying to create India’s next big consumer business. We strongly believe in CoutLoot’s vision of creating a billion user platform for P2P in India. ”
The growth of Indian start-ups following such models has significantly contributed to India’s fast emergence as a global investment hotspot, and the focus of global investment giants towards successful Indian start-ups, such as CoutLoot, will contribute significantly to enhance the inflow of global resources, technology, ideas and skills towards the strengthening of India’s flourishing start-up ecosphere.