Google India managing director Rajan Anandan through Lets-Venture has invested in Bengaluru-based online lingerie startup Buttercups. The startup’s existing investors Kanwaljit Singh and Anand Chandrasekaran also participated in the round.
The quantum of infusion has not been disclosed yet, but according to some sources, the total funding has reached to Rs 7.6 crore so far for the lingerie company, reports ET.
Founded in 2013 by Arpita Ganesh and Aaditi Sinha, Buttercups raised a little under $1 million in funding from Kanwaljit Singh, Manoj Varghese and Angie Mahtaney in 2015. After a year later it again raised an undisclosed amount in angel round from Singh, Mahtaney, and others after pivoting from a crowdfunded model.
During the last financing round, the company claimed to have doubled its customer acquisition only in 12 months (2015-16).
Buttercups was trying to raise Series A round for over a year, however, it failed to find institutional backers. Investors don’t find lingerie brand businesses scaleable. Lack of funds had made the company to trim its workforce and shut two fitting rooms in Bengaluru.
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Besides selling innerwear, the company has introduced the concept of fitting rooms with lingerie experts for assistance, creating a product line to try out the products.
The startup is also set to launch new categories of bras in sports, maternity and nursing, which the company will sell on e-commerce websites including Amazon, Myntra and Jabong.
In the lingerie e-tailing segment, Bengaluru-based Zivame is the most funded player, while Noida-based Clovia and Mumbai-based Pretty Secrets are also active and well funded in this segment.