Consumer-focused venture fund Fireside Ventures has led a $1 million funding round in fashion accessories e-tailer Pipa Bella.
The Mumbai-based startup also saw participation from existing investors including Lion-Rock Capital, GSF founder Rajesh Sawhney, Beenos founder Teruhide Sato, and Roopa Nath of Mumbai Angels.
Following the capital infusion, Fireside Ventures founder Kanwaljit Singh will join the startup’s board. On the other side, Pipa Bella will deploy the fresh proceeds towards hiring and brand building.
Incorporated in 2013 by Shuchi Pandya, Pipa Bella sells fashion accessories on multiple marketplaces as well as through its online portal. The startup claims to have over 40,000 customers and also made operational profitability in 2017-18.
The fashion jewellery brand had earlier raised initial funding of $650,000 in 2015. It competes with other players in the segment include Voylla, Velvetcase, Caratlane, and Bluestone, to name a few.
Caratlane and Bluestone are the leading players in this space. Backed by the likes of Accel Partners and Kalaari Capital, Bluestone recently raised about Rs 38 crore in a fresh round of funding.
Founded by former Helion Venture Partners’ senior managing director Kanwaljit Singh, Fireside had recently closed its first fund with a corpus of Rs 340 crore. Since its maiden fund close in June last year, the VC firm has invested in 10 startups counting Yoga Bar, Goodness Beverages, Vahdam Teas, Mama Earth and Bombay Shaving Company.
In September, last year, Delhi-based MamaEarth, raised $1 million from Fireside, along with other VC’s. Three months later, premium tea e-tailer Vahdam Teas bagged $1.4 million in its second round of funding led by the VC firm.
Besides, Fireside also counts Samosa Singh, Design Café in its portfolio companies.
The development was reported by TOI.