FREECULTR raises $9 million
To expand operations, categories and team with new funding.July 17, 2012 | comments ( 0 ) |
Launched in December 2011, FREECULTR has raised a $9 million USD series B funding. Seeing the immense potential and trajectory of the brand, Russian venture firm, ru-Net, spearheaded by Internet entrepreneur and investor, Leonid Boguslavsky, joined Sequoia Capital to close this funding in the young brand.
FREECULTR backed by an initial 4 Million USD investment from Sequoia Capital, has rapidly expanded its presence and sales to customers across India, with deliveries to all states and territories within the first month.
The increased funding will be utilised to expand operations and team, for further product development, expansion of new categories, and to explore numerous online and offline opportunities in India and abroad over the next 12 to 24 months.
Maria Krajukhina, Managing Director of ru-Net explains, “We were inspired for this investment by an outstanding management team, which has vast amount of experience from working across the globe and tremendous passion for the product and brand. The whole ru-Net team now wears FREECULTR and we see big potential for the company outside India and look forward to introducing the product to Russia and other markets where ru-Net operates.”
Since its launch, in less than 7 months, FREECULTR has expanded across 40 categories with t-shirts, polos, shirts, sweaters, pullovers, jeans, pants, shorts, flip flops, loafers, sneakers/trainers, belts, bags, wallets and sunglasses for men, and tops/tunics, tshirts, polos, shirts, sweaters/cardigans, jeans, pants/ jeggings, leggings, ballerinas, loafers, flip flops, shorts, skirts, scarves, bags, jewellery and sunglasses, for women, offering a full lifestyle range to its customers. FREECULTR currently attracts more than 1 million visitors a month to the site with continuing strong double digit growth. The average basket size is greater than 1.5 items per order, while the average order value is Rs 1300 – Rs 1700.
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