PrettySecrets gets funding from Indian Angel Network

PrettySecrets an online brand of intimate wear has

got funding from Indian Angel Network, Harvard Angels & Orios Venture Partners to scale up business. This round of funding was led by Rehan Yar Khan a member of Indain Angel Network and Farooq Oomerbhoy, FAO Ventures along with Harvard Angels and Orios Venture Partners. The investment also has the participation of Allia Al Rufai, stylist and former fashion editor of Harper Bazaar India. E-retailer PrettySecrets offers lingerie, nightwear, swimwear, shape wear and accessories for women.

Keeping the prospects of e-commerce industry in India in mind, many PE investors are looking at investing in e-commerce portals. According to a recent research by First Data Corporation and ICICI Merchant Services, “The domestic e-commerce market has the potential to grow between $125 billion and $ 260 billion by 2024-25. The report, 'E-commerce: A boon for the current economic downturn' says urban Indian consumers are now confident enough to make online purchases of up to Rs 25,000, from Rs 2,000- 5,000 in the recent past.”

PrettySecrets.com was started under the brand name ‘Mylace’ in October 2011 and has seen an immense market for its products online. The site has shipped out over 12,000 orders and enjoys a great deal of loyalty amongst its customers. Run by Karan Behal, who has years of experience in the lingerie retail segment, PrettySecrets will now expand its offerings, build supply chain, enhance customer service and scale up aggressively with the freshly infused fund.

Indian Angel Network has over 200 members and has funded over 35 start-ups across multiple sectors like IT, mobile, healthcare and education, across India and overseas and has made several successful exits. In 2011 alone, IAN invested over $8 million (Rs 42 crores) in 11 start ups making it almost a deal a month.