Mumbai-based lifestyle e-tailer The Label Life has raised Rs 20 crore from Kalpavriksh, the Rs 500 crore private equity arm of financial services group Centrum.
With the fresh investment, the company plans to expand its selection, explore an omni-channel strategy and focus on collaborations & partnerships.
Following the infusion, Niraj Shah from Kalpavriksh will be joining the board of The Label Life, working closely with the team to provide strategic support in the supply chain, retail operations and guidance in the next phase of profitable growth, reported ET.
Founded in 2013 by Preeta Sukhtankar, The Label Life is backed by Bollywood celebrities like Sussanne Khan, Malaika Arora and Bipasha Basu.
Earlier, the company had multiple platforms such as The Closet Label (with Malaika Arora Khan), The Home Label (with Sussanne Khan) and The Trunk Label (with Bipasha Basu). The firm integrated all three platforms into one—TheLabelLife.com—last year to consolidate traffic.
The company claims to have been able to clock a Rs 2 crore monthly revenue and has served 70,000 customers so far. Sussanne Khan, interior designer and former wife of actor Hrithik Roshan owns some sweat equity in the company and raised $1.09 million from Kalaari Capital in 2013. Subsequently, it raised around $500,000 more from undisclosed investors.
The company’s investors include Mithun Sacheti, Co-founder of CaratLane; and Haresh Chawla.
Last month, Bengaluru-based lifestyle retailer Chumbak Design has raised Rs 85 crore led by private equity firm Gaja Capital. The funding round also saw participation from startup’s existing investors, which includes, venture capital firms Matrix Partners India and Seedfund.
In October, worldwide popular Spanish fashion brand Zara announced to begin its online operation in India. The company’s website and mobile app will sell the entire range of products that it currently offers in its stores in India and at the same prices.