[Funding alert] Consumer durables startup Lifelong Online raises Rs 40 cr in Series A led by Tanglin Venture Partners
Gurugram-based Lifelong Online, a consumer durables startup, announced that it had recently raised its first institutional capital of Rs 40 crore in Series A funding led by Singapore-headquartered Tanglin Venture Partners. This round includes a mix of primary and secondary infusion.
The startup, in an official statement, said it would use the funding to increase investments in design, product development, and scaling of manufacturing capabilities, while expanding the brand’s product portfolio.
Lifelong also plans to disrupt the unorganised world of offline retail by leveraging technology.
Launched in November 2015 by Atul Raheja, Bharat Kalia, and Varun Grover, Lifelong Online sells home and kitchen products along with personal care appliances and healthcare devices through its own website and other marketplaces like Amazon, Flipkart, and Udaan. The startup claims to have a portfolio of more than 40 products.
Bharat Kalia, Co-Founder of Lifelong, said,
“We want to build an ecosystem of distribution and service that facilitates fair, honest pricing. We are passionate about creating an aspirational brand that reaches every household in India, and we believe that technology will make it possible.”
Tanglin Venture Partners, which focuses on backing early-stage technology startups in India and Southeast Asia, was launched by former Tiger Global executives Ravi Venkatesh and Edwina Yeo. The $50 million fund, which started operations late last year, is backed by investors like Flipkart Co-founder Binny Bansal, Udaan Co-founder Sujeet Kumar, Flipkart Group CEO Kalyan Krishnamurthy, and Facebook’s Asia-Pacific head Dan Neary, among others.
Edwina Yeo, Co-Founder and Partner of Tanglin Venture Partners, said,
"The Lifelong team has shown the ability to innovate on products adapted to the online channel resulting in better specifications at 30 percent lower cost than current market leaders. With the new capital raised, we believe that Lifelong will continue to gain market share and become one of India’s largest consumer brands.”
IndigoEdge was the exclusive advisor for the transaction.