Consumer platform Madbow Ventures Ltd, which is focused on direct-to-consumer fashion brands, said it has raised $2 million (around Rs 15 crore) as a part of its Series A funding led by Planify Capital, at a post-money valuation of Rs 100 crore (around $13.4 million).
The round also saw participation from Junita Majumder, (JK Future), Bhumika Srivastava, (HR partner at Airbnb), and angel investors like Sanjay Damani, Jagannath MS, Pranab Dutta and Bhagya Lakshmi Inti.
"The funds raised will be used for the company's expansionary purposes as the company is planning to launch fashion brands and labels in kids, ethnic, high fashion, cosmetics, and general merchandising, as well as bring all the fashion and lifestyle requirements under one roof.
After experiencing amazing responses from various events and exhibitions, we are also planning for 100+ MBO stores and 10 EBOs by the end of 2022,” said Naveen Mahlawat, CEO of Madbow Ventures.
Founded in 2016 by Naveen Mahlawat, Vinay Singh and Mohit Dahiya, the company offers lifestyle products like footwear, western wear, ethnic, and other fashion products, including their manufactured items.
Madbow consists of brands catering to lifestyle and fashion like stalkbae.com, streetstylestalk.com, slaydeal.com, lovedamoda, and SlayXO.com.
The company claims that its platform is catered to other brands across the categories and moves them to scale them at a fast pace with the help of technology, marketing, and operations to make successful direct-to-consumer brands.
Madbow Ventures said it aims to do Rs 100 crore in revenue in the next 18-24 months.
Recently Madbow has partnered with marketplace players like Myntra, AJIO, Amazon Fashion to provide curated designs.
Planify Capital's CEO, Rajesh Singla said “The company looks promising with positive cash flows since inception, scaling at 100% every year. They have a core female and customer-centric approach which would help them scale.”
Planify is a fintech startup focusing on building a marketplace for private equity. Planify acts as an investment banking firm for start-ups and private companies to help them raise funds through its different channels.