Venture capital firm Lightbox has invested $8 million (about Rs 56.56 crore) in Tomorrowland Apparels Pvt. Ltd, which operates customised apparel brand Bombay Shirt Company.
Mumbai-based Lightbox’s commitment includes both primary and secondary components, the apparel maker said in a statement. It didn’t give a break-up of the investment, nor did it identify the investors who are exiting.
VCCircle had first reported in July that Lightbox was in talks to invest in Bombay Shirt Company.
According to the company statement, the latest investment takes the total amount that investors have bet on Bombay Shirt Company since its inception in 2012 to $11 million.
The apparel company said it will use the capital to expand its physical footprint to between 40 and 50 stores in the next 18 months. It will also use the funding to automate the brand’s entire production and supply chain, and venture into products such as trousers, denims and other related categories in the menswear space.
“We at Bombay Shirt Company aim to propagate the notion of slow fashion – a much more careful and considered way to consume apparel,” founder Akshay Navrekar said. “Our focus is on personalizing the journey for every customer by producing garments unique to them, while ensuring zero inventory and wastage.”
Bombay Shirt Company says it provides customers with an omnichannel experience with a particular focus on design, quality and economical rates for its products. Its website, apart from selling readymade apparel, also allows customers to design their own shirts.
The venture capital firm was founded in 2014 by Sandeep Murthy, Sid Talwar and Prashant Mehta. It raised a bulk of its third fund after expanding its total corpus to $200 million (Rs 1,448 crore) in September last year.
It had expanded the fund size as it intended to continue with its strategy of doing fewer deals, unlike most venture capital firms, and invest in a business through their lifecycle. The firm says the third fund will continue to explore opportunities in brands and fast-moving consumer goods, financial services, education and healthcare.
In October, it participated in a $45 million (around Rs 318.58 crore) funding round in hyperlocal delivery platform Dunzo. Other investors that participated in that round included the US-based 3L Capital, and South Korea’s STIC Investment & STIC Ventures.
In the same month, Lightbox also took part in a $12 million (around Rs 85 crore) Series C funding round in August Jewellery Pvt. Ltd, which operates fine jewellery brand and e-tailer Melorra.
In March this year, VCCircle reported that the firm led a $4 million investment in a female wellness brand. Kae Capital also participated in the investment in the brand, which offers products and services aimed at women’s health and wellness.