Ahmedabad-based Nimana Fashions Pvt. Ltd, which own and operates online womenswear platform Enakshi, has raised Rs 80 lakh (about $114,000) in seed funding from two undisclosed Gujarat-based investors. The company will use the capital to increase its brand’s visibility, improve technology, hire more designers and expand its business to brick-and-mortar stores.
The company is also reportedly in talks with a clutch of other investors to raise $1 million over the next two years to build on its distribution network.
Maharsh Shah, the co-founder of the startup, said in the statement:
With decades of experience in the women’s apparel industry through our parent brand Deepkala in Ahmedabad, we noticed that an increasing number of women has now started seeking novelty in every buy and aspires to create a wardrobe that showcases their own individuality. This catapulted the launch of brand Enakshi.
Founded in March 2018, Enakshi was conceptualized and created by Maharsh Shah, his father Nilay Shah and Namya Patel and is aimed at women in the age group of 18-48 years. Apart from selling online, the company also retails products offline through the Deepkala Silk Heritage stores in Ahmedabad, which is owned by Nilay Shah.
In the past few months, many fashion e-commerce companies have managed to secure funding. Early this month, Delhi-based e-tailing platform for women StalkBuyLove raised about $3 million from a clutch of new and existing investors.