Cybage's Deepak Nathani backs e-fashion startup Benoit for 30% stake

Pune-based e-fashion startup Benoit has received an undisclosed amount of funding from Cybage cofounder Deepak Nathani, who has acquired 30 per cent stake in the company.

“This funding will be utilised for scaling-up the business faster by adding more designs and expanding the marketing efforts. The brand also stands to benefit with Mr Nathani’s sustained mentorship which will help the firm grow,“ said Vishal Singh, CEO, Benoit told the newspaper.

Speaking to ET, Nathani said that while it's a Pune-based startup, given the nature of the business, it had the potential to go national.

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This is Nathani’s fourth investment in a Pune-based startup. In January this year, Deepak Nathani who is also co-founder and CEO of Relfor Labs, bought 25 per cent stake in visual and interactive communications firm Ethosh for an undisclosed amount. In May, he picked up 20 per cent stake in a Pune-based restaurant automation solution provider, Devourin. In September, 2016, he acquired a 20% stake in automotive services startup Demyto for an undisclosed amount.

Founded in 1995, Pune, Cybage Software is an information technology consulting company, which provides software application development and maintenance, with development centers in Pune, Hyderabad and Gandhinagar in India. It also has offices in the United States, United Kingdom, Netherlands, Germany, Singapore, Japan and Australia.

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Of late, Bengaluru-based Elanic, an online platform that allows users to sell their used clothes online has secured an investment from Tokyo-based incubator and venture capital investor Digital Garage.

Prior to that, location-based O2O fashion discovery platform Fashalot has raised an undisclosed amount in its Pre-Series A funding round led by Capillary Technologies. The round also witnessed participation from Whiteboard Capital, including existing investors YourNest Angel Fund, Rajul Garg. In June Mumbai-based fashion e-commerce marketplace, Fynd raised Rs 21 crore investment in its series A round.

Benoit: Website