Description
Problem
Apparel brands suffer from low conversion rates, only 1.75% of the customers that browse their products online end up purchasing them. Nearly 75% of the time, the buying decisions are affected by the images they see on the website.
Also, currently the photoshoots for such images are very expensive and time consuming, hence it is not a scalable solution.
Solution
Ayna is solving this problem by creating hyper realistic model images using generative AI. The apparel brand must send Ayna basic photos of the garments on a mannequin or a model using a phone camera. Ayna will then generate customised images of the garments on various AI generated models. The apparel brand can customise the AI model by choosing all the elements, such as features, ethnicity, background, gender etc. This model can also be saved and used for future shoots.
Ayna charges only $1.5 (INR 100) per photo, making it a very economical solution for small brands as well.
Market Opportunity
Globally companies charge $2 per photo, and there are nearly 40,000 fashion brands, making it a $58Bn global market opportunity. In India, there are nearly 24,000 fashion brands, making it a $2Bn market opportunity.
About the Founders
- Aastha Rajpal – Co-Founder – DTU, Ex Razorpay & OYO
Yash Bansal – Co-Founder – IIT-D, Ex- Zomato, Goldman Sachs
Details of the round
They are raising USD 1.5Mn (~INR 12Cr), out of which they have commitments for USD 1.25Mn from Inflexor Ventures, and an allocation of USD 50k is available to our investors. Their Pre-Money Valuation is USD 4.5Mn.
The investment in Ayna is open through our SEBI-registered AIF Category 1 VCF Angel Fund, Lead Angels Fund. In case commitments exceed the allocated amount, allotment will be on a “First Come, First Serve” basis.
