Lifestyle brand Mayfair, founded by two Chinese entrepreneurs, has raised $3.2 million (Rs 22 crore) in its seed round of funding from homegrown venture capital firm Nexus Venture Partners and Chinese alternative asset management firm CDH Investments.
Mayfair offers affordable fashion including clothing, accessories and home and living products. The firm captures customer demand trends using data science and an artificial intelligence technology platform.
“Unlike other traditional fashion brands, Mayfair uses big data to translate user demand along with lifestyle trend into actionable signals, so our suppliers are able to turn them into a unique design with good quality in a short turnaround time,” said Chi Xue, co-founder at Mayfair.
The company was launched in 2018 October by Xue, a former Google executive, and Eddie Deng, director at Alibaba. The Gurugram-based firm will use the money to ramp up procurement and operations and to expand the team.
“We were very impressed that the founders were able to build an exceptional team across dimensions: data, tech, design, operations and supply chain,” said Pratik Poddar, vice president at Nexus Venture Partners.