Pretty Secrets to raise Rs 40 crore funds

Pretty Secrets is raising Rs 40 crores in its latest round of fund-raising. The Mumbai-based online lingerie platform initially planned to raise a larger amount but given the tough environment, the brand decided to cut back on the size of the fund raising. However, the funds are sufficient to take the company to break-even by the end of this financial year.

Launched in 2012, Pretty Secrets is looking to spend the money in adding new products and categories to its platform. The company will also invest in improving its supply chain and marketing campaigns. In the last three years, around seven online lingerie retailers have managed to raise funds from venture capital investors. Last year, in September, in the biggest investment in the space, online lingerie store Zivame raised Rs 250 crores in a series C funding round from Zodius Technology Fund and Khazanah Nasional Bhd. Existing investors Unilazer Ventures, IDG Ventures India and Kalaari Capital also participated in the round. Zivame started out as an aggregator of brands, including Enamor, Amante and Jockey and later launched private labels in an attempt to boost margins.