In a significant move towards bolstering its position in the custom-made apparel market, Bombay Shirt Company has successfully concluded a Series B funding round, securing an impressive Rs 54 crore. Singularity Ventures took the lead in this funding round, with participation from Mithun Sacheti, the founder of CaratLane and a general partner at Singularity.
According to Akshay Narvekar, Founder and CEO of Bombay Shirt Company, "Working with a seasoned operator like Mithun is a great honour for us. He has built a once-in-a-generation D2C brand in CaratLane and we hope to apply those best practices here at BSC. We are excited to have him on in the next phase of our journey."
The funding round also saw the inclusion of new investors through a secondary buyout of shares previously held by former Bombay Shirt Company employees. Notable early investors like Lightbox, Amit Patni, and Arihant Patni have also continued their support for the company. Additionally, in a strategic move, Chippy Mehta, the Chief Operating Officer, has been elevated to the position of Co-Founder.
Sandeep Murthy, Partner at Lightbox, emphasized, "Bombay Shirt Company operates at the intersection of the biggest emerging trends in apparel. Consumers are looking for personalized experiences that are conveniently accessible and also helpful for the environment. The company has been able to deliver on all of those parameters at scale by leveraging technology. This capital infusion comes at an opportune time when the company is operating at healthy gross margins and poised for accelerated growth."
This substantial capital injection serves as a testament to the confidence investors have in Bombay Shirt Company's innovative business model, which seamlessly integrates traditional craftsmanship with cutting-edge automation and digital technologies. Founded by Akshay Narvekar in 2012, the Mumbai-based company has earned a reputation for excellence in the omnichannel retail space, boasting 20 stores across 10 cities and a user-friendly app interface.
With this fresh influx of capital, Bombay Shirt Company aims to accelerate its expansion plans, focusing on strengthening its network of company-owned stores and refining the franchisee model. Furthermore, the company intends to diversify its product offerings, optimize its supply chain, and fortify its distribution channels to cater to evolving consumer preferences.
As Bombay Shirt Company continues to redefine the boundaries of custom-made apparel, the Series B funding sets the stage for an exciting chapter of growth and innovation.