The Delhi-based company said the funds raised will be utilised in improving technology infrastructure, hiring talent and building data science capabilities. RewardsThe company has registered a year on year growth of 200%, with current annual recurring revenue (ARR) of US$3 million and a high gross margin of 70% across the platform. The Company has also clocked a 30% increase in its follower base across its social media platforms in the last 12 months, achieving the current follower base of 5,00,000. Stage3 expects to achieve an ARR of $6-7 million by March 2022, the company said in a statement. Our AI-powered app will dramatically change how consumers shop by building a hyper-personalized feed reflecting their interests, personal style, size and brand preferences In addition they will be able to share their wishlist, group shop with friends and directly connect with sellers," Sabena Puri, cofounder and CEO, Stage3 said. "The two key trends driving growth are a shift to online and shift to social, where we leverage a daily active user base of a billion users across various social platforms in the country to enable 3 million-plus Influencers, small brands and Instagram boutiques to build their own social storefront and monetise their personal brand like never before," Sanchit Baweja, cofounder, chief business officer and cofounder, Stage3 said. Stage3 is a full-stack social commerce marketplace for fashion and lifestyle where content, social interactions, and commerce converge.