T V Mohandas Pai and The Saha Fund back women’s western wear brand KAARYAH
KAARYAH Lifestyle, which runs online women’s western wear brand of the same name, has raised pre-Series A investment from T V Mohandas Pai and The Saha Fund. The funding announcement comes barely six months after Ratan Tata invested in the company.
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The company, which retails formal and party wear for women, will use the funds for expanding its team, building up technology and marketing.
Nidhi Agarwal, CEO and Founder of KAARYAH, said backing from business leaders of the stature of Ratan Tata and Mohandas Pai “is a huge validation of our entrepreneurial effort and our business potential.” The company declined to disclose the amount of investment raised.
KAARYAH, founded in 2014, claims to ship over 3,500 orders a month through its website and through marketplaces, including Myntra, Jabong, Flipkart, PayTM, Snapdeal and LimeRoad. The company says its success lies in its ability to provide the perfect fit in western apparel from everyday office wear to non-casual party wear. It has invested in a dedicated team for research on body types and fits of Indian women to get the sizing right.
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This was one of the reasons for the founders backing KAARYAH. “Nidhi and her exceptional team have cracked the concept of fit down to tangible IP. To us, that is a critical solution in a huge opportunity space that addresses the most primary need we all face,” said Mohandas Pai.
The Delhi-based startup follows the fast fashion model, with production turnaround of two days.
“Kaaryah is at the forefront of “Fash-Tech”, with a disruptive business model driven by technology resulting in working capital efficiency, making the business both sustainable and scalable,” said Ankita Vashistha, Founder of The Saha Fund that invests in women-centric businesses and businesses run by women.
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With more and more Indian women joining the workforce and reaching senior roles in the corporate world, demand for formal western wear is only set to go up. According to KAARYAH’s estimates the market in India for women’s western formal wear stands at over $1.5 billion. So far, brands like Van Heusen, Allen Solly and Arrow and international brands have dominated this market. However, clothes are mostly expensive and are not made for Indian sizes and fits. If KAARYAH is able to address these two issues—price and fit—they can capture a big market.