Mumbai-based online lingerie platform, PrettySecrets.com has raised $6 million (Rs.40 crore) in its latest round of funding led by Singapore-based venture capital fund RB Investments Pte. Ltd, as per DealsStreetAsia report.

Existing investor Orios Venture Partners also participated in the round. In September 2014, the company raised $2 million (Rs.12 crore) from venture capital firm Orios Venture Partners, early-stage investor India Quotient and a few angel investors. It had earlier raised funds from Indian Angel Network and Harvard Business Angels.

The latest round of fund-raising had been in the works for a long time, said the second person cited above, also requesting anonymity. In March 2015, The Hindu Business Line reported that the online retailer was in talks to raise a series B round.

“The initial plan was to raise a larger round, around $10 million, but given the tough fund-raising environment, they decided to cut back on the size of the fund raise,” said the second person cited above.

The company will use the funds on adding new products and categories to its platform as well as invest in improving its supply chain and for marketing campaigns.

Launched in 2012, PrettySecrets.com was founded by Karan Behal who comes from experience in manufacturing, export, retailing and marketing of lingerie products. The company claims to sell over 1,000 products on its platform.

RB Investments is the investment arm of Singapore-based entrepreneur Rajesh Bothra, the Singapore-based venture capital firm has made close to half a dozen investments so far. Some of its recent investments in India include food-tech start-up Swiggy, online retailer of branded Indian food products Delight Foods, online furniture startup CapriCoast.com and laundry services startup 5-a-sec.

The other online lingerie retailers have also secured funds from venture capital investors. Last year in September, online lingerie store Zivame, owned by Actoserba Active Wholesale Pvt. Ltd, raised Rs.250 crore in a series C funding round from Zodius Technology Fund and Khazanah Nasional Bhd, the investment holding arm of the government of Malaysia. Existing investors Unilazer Ventures, IDG Ventures India and Kalaari Capital also participated in the round. Zivame started out as an aggregator of brands, including Enamor, Amante and Jockey, but later launched private labels in an attempt to boost margins. In 2015, another online lingerie retailer Clovia, run by Purple Panda Fashion Pvt. Ltd, raised $5 million from venture capital fund IvyCap Ventures.

Image Source: ShutterStock

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