Pune-based online fashion startup Benoit Fashion has raised an undisclosed amount of funding from Deepak Nathani, founder and chief executive officer of Relfor Labs, a consumer Internet company.
Nathani, who is also co-founder and former chief operating officer of technology consulting firm Cybage Software Pvt. Ltd, told VCCircle that he has picked up 30% stake in the startup.
Benoit Fashion Pvt. Ltd was incorporated in March 2017 by Vishal Singh, who earlier worked at online gaming and gambling software provider iCyberGame.
The startup, which targets millennials, specialises in men and women’s apparel. "The future of fashion is all set to be revolutionised with e-commerce. The purchasing trends of millennials, coupled with high quality products at lucrative prices at par with global fashion trends, is what benoit.fashion has to offer to its customers," Singh said.
The company will use the funds to scale its operations by adding more designs and expanding marketing efforts, he added.
“Vishal and his young team of designers have a great understanding of fashion needs of the youngsters today who are looking for the latest global trends. In spite of the many players present in the market, very few are providing quality with class at reasonable prices," Nathani said.
Nathani's most recent investments include restaurant automation startup Devourin. In September 2016, he acquired 20% stake in car maintenance startup Demyto for an undisclosed amount. He had also invested in digital communications firm Ethosh.
While talking to VCCircle recently, Nathani said he prefers to invest in startups from Pune. “I am focussed more on Pune-based startups as it gives me a lot more comfort when they are in the same neighbourhood. I am not limited to any particular sector. If I see that founders are doing some great stuff and it is different from run of the mill, then it excites me."
A founder’s credentials, idea and approach to execution are qualities that Nathani looks for in an entrepreneur. He believes there still is much excitement in the e-commerce space.