Online fashion store Yepme has raised USD 75 million from investors led by Malaysian state fund Khazanah Nasional Berhad, two sources familiar with the matter told Reuters. However, no official confirmation from the company has been made so far.
The Gurgaon headquartered company, which makes its own brand name clothes, will put the money towards brand building and the launch of an ethnic India line ahead of the festive season of Diwali, the sources said.
Existing investor Helion Venture Capital took part in the fundraising, one of the sources said.
Unlike Flipkart and some other online retailers which sells clothing merchandise, Yepme sells its own brands on its website, as well as on other e-commerce sites.
Yepme last raised Series A investment from Helion Ventures Partners in 2011.
Yepme.com, was launched in April 2011 by three alumni of IIT and IIM: Vivek Gaur, Sandeep Sharma and Anand Jadhav.
Last year, the company signed Bollywood superstar Shah Rukh Khan as their new brand ambassador. The main target customer for Yepme.com is tier 2 and tier 3 towns, where the big apparel brands do not have many retail stores.