Mumbai-based MTC Ecom Pvt Ltd, owner of online lingerie shop PrettySecrets, secured its Series A round of funding from Orios Venture Partners, a VC fund run by angel investor Rehan Yar Khan, besides Indian Angel Network (IAN) and early-stage investor India Quotient, a top executive of the firm told VCCircle/Techcircle.in.
The deal was struck in December last year and the company received a tranche from the funding early this year.
“We are currently on a high growth trajectory,” said Karan Behal, founder and CEO of PrettySecrets. “We have grown 20x in the past two years and 4x in the past 6 months. Our brand is also available on leading e-commerce platforms including Myntra, Jabong, Flipkart, Amazon and Limeroad.”
The startup was founded in March 2012 by Behal, who comes from a family background of manufacturing and exporting ladies nightwear. He was earlier a part of lingerie stores chain ‘Lace – The lingerie club’.
PrettySecrets.com (earlier Mylace.in) offers over 10,000 products across lingerie, nightwear, swimwear, shape wear and accessories, among others. The company had earlier raised around $800,000 from IAN and Harvard Business Angels (India chapter).
PrettySecrets is mainly competing with Zivame.com, a three-year-old lingerie e-tailer which is looking at the handful of horizontal e-commerce firms as possible buyers. The firm has already appointed an investment banker to scout for a potential buyer.
Other players operating in the lingerie segment include StrapsAndStrings, ShopImagine and Cilory. Earlier, two other companies — Oyegirl and HerStyle — had shut their operations.
Orios Venture Partners, which recently raised $50 million in its maiden fund, is a Mumbai-based VC firm that seeks to back home-grown ventures operating in the internet and B2B software products spaces. India Quotient, another Mumbai-based fund, recently invested $500,000 in real estate portal Grabhouse.com.
(Edited by Joby Puthuparampil Johnson)
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