Indore-based Rang Rage, a hand-painted fashion products brand, has raised its first round of funding of Rs 2 crore (about $300,000) from a US-based firm.
The startup, owned by Sharvian Art Fashion Pvt Ltd, didn’t disclose the name of the investor.
The company plans to use the money to launch new product categories, improve infrastructure and increase the retail touch points in international markets.
Rang Rage, founded by Gagan Jain and wife Neeti Jain in 2013, sells hand-painted lifestyle products across apparel, accessories and home décor segments. The company follows an omni-channel model and sells through its own and others’ e-commerce platforms as well as airport outlets.
“Hand-painting has a global appeal and this investment will help us take our first step to become a global fashion brand,” Gagan Jain said in a statement.
He said that the company is in the process of launching a range of fashion accessories like bags and shoes that buyers can customise. It also plans to open experience stores, one in India and two in International markets.
The company has opened physical stores in the UAE, Oman, Singapore and Canada and now plans to start outlets in Australia and Finland. In India, the company is close to signing up with a retail chain for exclusive retail presence.
“We are targeting 70 per cent of our revenue from international markets,” Gagan said.
Rang Rage would compete with horizontal fashion e-tailers such as Yepme.com. In December 2015, Yepme.com announced its plans to follow the omni-channel strategy and open 20 stores across the country.
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