Buttercups raises funding from Snapdeal’s ex-CPO Anand Chandrasekaran and others
Buttercups, the Bengaluru-based online lingerie brand has raised an undisclosed amount in a fresh round of funding from Snapdeal’s ex-CPO Anand Chandrasekaran and existing investors Kanwaljit Singh and Manoj Varghese.
Buttercups had raised an undisclosed amount of angel funding from Kanwaljit Singh, Angie Mahtaney, and others after pivoting from a crowdfunded model last year.
Launched in 2013, Buttercups is an innovative idea in the lingerie segment. Introducing the concept of fitting rooms with lingerie experts for assistance, creating a product line, and using a multi-channel strategy for acquisition and retention are some of the tactics that have helped the brand make its mark.
Commenting on the company’s business strategy, Arpita Ganesh, Founder and CEO said,
We have always been clear about how we want to build the business. We are a digitally native brand focusing on the quality of our products and a great customer experience. The unique online quiz, which guarantees a perfect fit and allows us to scale beyond geographic constraints, as well as the personalised fitting room experience, are both results of this focus. We also believe that scaling need not come at the cost of profitability. The endorsement and support from seasoned investors like Kanwal gives us the confidence to continue this approach.
The company claims to have doubled its customer base in the past year. The funds will help Buttercups accelerate its growth plan, both offline and online. At present, the company plans to launch its experiential fitting rooms across 12 cities.
Market scenario
Buttercups faces competition from the likes of Zivame, but where it scores is in its personalised fitting process, both online and offline.
During Buttercups’ early days, in an interaction with YourStory, Arpita had said a major hurdle during her entrepreneurial journey was following a passion which is still a taboo in India. Elaborating on that, she said,
I am fighting myths, changing mindsets, and educating even the most educated women in an area of their life that they have never given thought to or never openly talked about. Trying to explain to investors, many of them men, is a challenge because there will never be a relation to my product or offering.
Till date, this segment has not witnessed many players. With the entrance of online lingerie players, the market and the adaptability has definitely enhanced but lot more scope is still unearthed. Technavio's analysts forecast the online lingerie market in India to grow at a CAGR of 42.32 percent over the period 2014–2019.
