PrettySecrets.com, a Mumbai-based online lingerie platform, raised $6 million (Rs.40 crore) in its latest round of fund-raising from RB investments,with participation from existing investor Orios Venture Capital.
The lingerie firm was launched in 2012 by Karan Behal who comes from experience in manufacturing, export, retailing and marketing of lingerie products. The company claims to sell over 1,000 products on its platform.
The raised funds will be utilised on adding new products and categories to its platform. The company will also invest in improving its supply chain and for marketing campaigns. There are also plans to achieve break even by the end of this financial year.
RB Investments is the investment arm of Singapore-based entrepreneur Rajesh Bothra, who runs an IT distribution company Kobian Pte Ltd. Kobian sells computer components, peripherals and lifestyle products under the Mercury brand. The Singapore-based venture capital firm has made close to half a dozen investments so far.
Some of its recent investments in India include food-tech start-up Swiggy, online retailer of branded Indian food products Delight Foods, online furniture start-up CapriCoast.com and laundry services start-up 5-a-sec.
“The initial plan was to raise a larger round, around $10 Mn, but given the tough fundraising environment, they decided to cut back on the size of the fund raise,”
said a source.
PrettySecrets’s last funding round happened in September 2014, when it raised $2 million (Rs.12 crore) from venture capital firm Orios Venture Partners, early-stage investor India Quotient and a few angel investors. It had earlier raised funds from Indian Angel Network and Harvard Business Angels.