Consumer platform Madbow Ventures Ltd, which focuses on direct-to-consumer fashion brands, said it raised $2 million (about Rs 15 crore) in its Series A funding led by Planify Capital, at a post-money valuation of Rs 100 crore (about $13.4 million).
The round also saw the participation of Junita Majumder, (JK Future), Bhumika Srivastava, (HR partner at Airbnb) and angel investors like Sanjay Damani, Jagannath MS, Pranab Dutta and Bhagya Lakshmi Inti.
“Funds raised will be used for business expansion purposes as the company plans to launch brands and labels in children’s fashion, ethnic, high fashion, cosmetics and general merchandising, as well as bringing together all fashion and lifestyle requirements under one roof. .
After seeing incredible responses at various events and exhibitions, we also expect over 100 MBO and 10 EBO stores by the end of 2022,” said Naveen Mahlawat, CEO of Madbow Ventures.
Founded in 2016 by Naveen Mahlawat, Vinay Singh and Mohit Dahiya, the company offers lifestyle products like shoes, western, ethnic wear and other fashion products including their manufactures.
Madbow consists of lifestyle and fashion brands like stalkbae.com, streetstylestalk.com, slaydeal.com, loveamoda and SlayXO.com.
The company says its platform reaches out to other brands across all categories and drives them to scale at a rapid pace with the help of technology, marketing and operations to build brands direct to consumers. successful consumers.
Madbow Ventures said it aims to generate Rs 100 crore in revenue over the next 18-24 months.
Recently, Madbow has partnered with market players like Myntra, AJIO, Amazon Fashion to provide curated designs.
Planify Capital CEO Rajesh Singla said: “The company looks promising with positive cash flow since inception, growing 100% every year. They have a women-centric and customer-centric approach, which would help them scale. »
Planify is a fintech startup focused on creating a market for private equity. Planify acts as an investment bank for start-ups and private companies to help them raise funds through its various channels.