Online lingerie store PrettySecrets has raised $2 million Series A round led by Rehan Yar Khan of Orios Venture Partners and co-invested by India Quotient along with participation from prominent angel investors like Anupam Mittal and Ravi Gururaj as well.
The investment was made in January 2014. The company had earlier in 2012 raised an angel investment from Indian Angel Network and Harvard Angels.
The raised capital will largely be used in scaling the operations and team. “The funding has also allowed us to build on our product catalog and foray into complementary product categories. We have a state of the art fulfillment centre which is capable of servicing the tremendous growth we are experiencing The fund raise has allowed us to continue on our high growth trajectory and continue to scale aggressively,” said Karan Behal, Co-founder & CEO, PrettySecrets.
PrettySecrets started out as a women's sleepwear brand almost a decade ago. A dominant player in the offline lingerie retail market, PrettySecrets was retailed at close to 300 points of sale up to 2014, including large format stores like Shoppers Stop, Pantaloon, Globus, etc and also mom-n-pop lingerie stores across the country.
Speaking about the idea behind the investment, Rehan Yar Khan said Prettysecrets’s brand strategy is very exciting and fills a big vacuum for a contemporary fun and glamourous brand that young women can enjoy without emptying their purses.
The company has grown 20X in two years and four times in the last six months and it expects to grow a further three times before the end of the current fiscal.
“We also launched a chain of multi-brand lingerie stores; Lace, the lingerie club that housed PrettySecrets as well as other leading lingerie brands. We have been entrenched in the lingerie segment in India for close to a decade. Our online foray started in 2011 with mylace.in, one of the first multi-brand online lingerie stores,” said Karan.
The Mumbai-based company plans to be the hippest women’s brand in India and the most preferred.