Jaipur-based Khetan Apparel Pvt. Ltd, which owns premium menswear brand Mr Button, has raised an undisclosed amount in a Series A round led by Nine Rivers Capital founder Sandeep Daga.
UAE-based Jetty Ventures and a few other high net worth individuals also participated in the round. The financial details of the transaction could, however, not be immediately ascertained.
The company, which was launched by Delhi University graduates Deepak Khetan and Akshat Singh in 2011, offers both formal and casual wear cutting across categories such as blazers, trousers, shirts, t-shirts, Nehru jackets, bandhgalas and joggers.
Mr Button primarily sells its product online through its own online channel mrbutton.in, besides a host of fashion marketplaces.
Khetan and Singh, who were passionate about fashion wear, became part-time designers on the Delhi University campus and, subsequently, floated the company after securing relevant professional qualifications from leading institutions.
“With every new collection, we try to innovate and get fashion woven around the lifestyles of our customers,” said Singh. The company has also opened its own offline retail outlet, Guideshop, in Gurgaon.
Mr Button says the new store will have personal stylists to assist customers in making the right dressing choices based on their respective styling needs, besides pulling out the perfect outfit for them. It is planning to launch its next retail-cum-experiential store in Pune later this month.
“The promoters have built a phenomenal brand and achieved significant scale in a boot strapped mode without losing sight of unit economics and building a profitable business,” said Nine Rivers Capital’s Daga.
The fashion e-commerce segment in India is dominated by Flipkart, which owns fashion e-tailers Myntra and Jabong.
The e-tailing market in fashion wear is likely to account for 35% of the total online spending in India by 2020 to become the largest category, even ahead of consumer electronics.
Myntra Jabong India Pvt. Ltd, the business-to-business fashion retail arm of Flipkart-owned online fashion retailer Myntra, had recently secured a loan of Rs 199 crore ($31.1 million) from Yes Bank.
Last year, Chennai-based eShakti Pvt. Ltd, which operates an online women’s apparel store, had raised $1.34 million from Infina Finance Pvt. Ltd and financial services provider Polaris Banyan Holding Pvt. Ltd.