In its first funding in India, Tanglin Venture Partners, a $50 million fund launched by former Tiger Global executives Ravi Venkatesh and Edwina Yeo, has led a Rs 40 crore ( ~ US$5.748 Mn) investment in home appliances brand Lifelong Online, a home & personal appliances firm launched in 2016 by Lifelong group, a 25-year-old diversified group with interests in manufacturing of auto components and medical devices, reported ET Tech.
The funding round was a mix of primary and secondary infusion.
Lifelong Online plans to deploy the capital in design, product development, and scaling up manufacturing capability. The company offers a range of products and appliances in the Home, Kitchen, Personal care and Wellness & Lifestyle categories.
Serving in 200 cities in India through an exclusively online presence, Lifelong’s products are available on its brand website (www.lifelongindiaonline.com) as well through leading e-commerce platforms including Amazon, Flipkart, Paytm, Tatacliq, Shopclues, Pepperfry etc
Edwina Yeo, Partner of Tanglin Venture Partners, said in a statement, “There are significant opportunities for new brands to be created which are built for today’s consumer needs, piggybacking on new-age, online distribution channels.”
It was in February this year when Venkatesh and Edwina, launched ‘Tanglin Venture Partners’, a set of venture funds backed by local Indian internet entrepreneurs including Flipkart cofounder Binny Bansal, Udaan cofounder Sujeet Kumar, Flipkart Group CEO Kalyan Krishnamurthy and Facebook’s Asia Pacific head Dan Neary.