Bagzone Lifestyles raises $9M from First Bridge India Growth Fund
With new capital, Bagzone plans to establish a cutting-edge manufacturing facility and open 300 exclusive brand outlets to expand its offline presence.
Mumbai-based lifestyle retailerLifestyles Pvt. Ltd. has raised $9 million investment from First Bridge India Growth Fund. Bagzone, which operates in the fashion and lifestyle sector, has a portfolio of brands, including Lavie, Lavie Sport, and Lavie Luxe, with a diverse product range that spans from handbags to wallets and travel accessories.
First Bridge India Growth Fund is an India-focused private equity fund providing Inflection capital to high growth companies.
With the new capital, Bagzone plans to establish a cutting-edge manufacturing facility and open 300 exclusive brand outlets to expand its offline presence, said a statement by the company.
Bagzone is set to fortify its internal manufacturing capabilities by establishing a state-of-the-art, 150,000-square-foot factory, the company stated. Through this strategic funding, the parent company sets a roadmap for the next five years to enhance its growth and foothold in the industry.
"We are very excited to partner with First Bridge. They come with a long track record of building many successful consumer businesses. We hope to grow 10X in the next few years and become a multi-category, multi-brand business. We will use the funds raised to enhance our in-house manufacturing capability, deepen our offline presence, and grow our brand’s stature and recall," added Ayush Tainwala, CEO of Bagzone Lifestyles Pvt. Ltd.
Simultaneously, the company aims to achieve a 70% localisation rate in its sourcing efforts while expanding its brick-and-mortar presence. This rapid expansion strategy is expected to create employment opportunities for 1,000 individuals nationwide, directly contributing to the nation's economic growth.
The company also aims to penetrate Tier II and Tier III markets to meet the evolving demands of its customers.
"First Bridge is delighted to partner with Bagzone, with the maiden investment from its new fund. Lavie is already the clear market leader. They operate in a market that will benefit from the shift to organised and an exponential increase in women’s consumption in the next few years. In Ayush, we see a young and energetic founder who has a deep understanding of the accessories market in India. We are confident of a successful journey of hyper-growth with team Lavie," stated Vishal Kumar Gupta, Managing Partner of First Bridge.
Edited by Megha Reddy