PrettySecrets, Mumbai based e-commerce startup which sells lingerie online, has announced to raise $6 Million from RB Investments. One of the existing investors, Orion Venture Partners, also participated in the funding round.
Earlier this year, there were rumors that the startup was targeting to raise a total sum of $10 million, however, looking at the tight situation of investment market in India right now, it settled for an amount lesser than what was in plans. The startup plans to use the investment in adding more products and categories in its portfolio along with making a robust supply chain and to market the brand along with aggressive brand building. The startup also wants to touch the break even point by the end of this financial year.
Earlier in the beginning, it was focused on the offline lingerie segment, however, after realizing the potentiometer in going online, Karan Bahl, Founder ceo of PrettySecrets, decided to give a go at the online selling and he started with his own online e-commerce platform. Later, the startup tied up with the major e-commerce platforms online to get a better marketshare and it currently enjoys over 15% of the total online lingerie market in India while working with around 12 e-commerce platforms.
Out of INR 2.5Cr monthly revenue, it accounts for selling over 25% of the total lingerie on Myntra and Jabong.