PrettySecrets.com, a Mumbai based online lingerie platform, has raised $6 million in its latest round of funding. The round was reportedly led by Singapore-based venture capital fund RB Investments Pte. Ltd.
Also, existing investor Orios Venture Partners participated in the current round. In September 2014, it had raised $2 million from Orios Venture Partners, India Quotient and a few angel investors. Prior to that, it had earlier raised funds from Indian Angel Network and Harvard Business Angels.
The company will use the funds for adding new products and categories to its platform. Along with that, it will also invest in improving its supply chain and for marketing campaigns.
As per the reports, the latest funding round had been in the works for a long time. In March 2015, it was reported that the firm was in talks to raise a Series B round.
A person who is aware of the matter, said,
The initial plan was to raise a larger round, around $10 million, but given the tough fund-raising environment, they decided to cut back on the size of the fund raise.
Launched in 2012, PrettySecrets.com was founded by Karan Behal. The company claims to be selling over 1,000 products on its platform.
PrettySecret’s biggest competitor is Rata Tata backed Zivame. Last year, Zivame raised Rs.250 crore in a series C funding round from Zodius Technology Fund and Khazanah Nasional Bhd and others. Clovia had also raised $5 million from venture capital fund IvyCap Ventures last year.
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