[Update] Exclusive: Bombay Shirt Company Bags INR 54 Cr From Singularity Ventures, CaratLane’s Mithun

Update | March 14, 17:00 PM

Days after Inc42 exclusively wrote about Bombay Shirt Company kickstarting its new funding round, the startup announced raising INR 54 Cr in its Series B funding round led by Singularity. The round as reported by us, saw participation from CaratLane cofounder Mithun Sacheti.

As part of the transaction, new investors join the cap table via a secondary buyout of the shares of former Bombay Shirt Company employees. 

The startup intends to utilise the fresh capital to accelerate the expansion of Bombay Shirt Company’s  stores and strengthen the franchisee model. It also plans to develop and introduce new categories and bolster the supply chain and distribution channels. Besides this, the startup’s chief operating officer, Chippy Mehta has been elevated to cofounder.

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Orginal Story | February 8, 22:23 PM

Apparel brand Bombay Shirt Company has raised $3.2 Mn (INR 26.9 Cr) in what seems to be a bridge funding round. The fresh round of funding was led by Singularity Ventures’ Growth Opportunities Fund I. The funding also saw participation from CaratLane’s Mithun Sacheti and other investors. 

Late last year, the board of directors of Tomorrowland Apparels Pvt Ltd, the parent entity of Bombay Shirt Company, passed a resolution to allot 2,01,543 Series B Compulsory Convertible Cumulative Preference Shares (CCPS) to four investors, including Singularity Ventures and Sacheti. 

If the existing investors decide to infuse more capital or new investors come to the cap table, the round size can further increase.

The fresh development has come almost four years after Bombay Shirt Company announced raising $8 Mn in a Series B funding round led by Mumbai-based Lightbox VC.

Founded in 2012 by Akshay Narvekar, Mumbai-based Bombay Shirt Company offers online tailor-made shirts to its consumers. Currently, the startup has around 18 stores across various cities, including Mumbai, Delhi NCR, Bengaluru, etc.

According to the startup’s website, the startup now sells custom-made shirts, jeans, chinos, and t-shirts among others.

In the Indian market, Bombay Shirt Company competes against the likes of The Pant Project, Snitch, Damensch, Souled Store, XYXX, et al.

Interestingly, the fresh capital infusion by Singularity Ventures comes a few months after the firm announced the first closure of its second fund – Singularity Growth Opportunities Fund II – at INR 500 Cr. Singularity’s second fund has a total corpus of INR 1,500 Cr. 

Founded in 2021, Singularity is led by Yash Kela and is promoted by former Reliance Capital executive Madhusudan Kela-founded family office Singularity Ventures, which began operations in 2016. Singularity has so far invested in startups like mCaffeine, Exotel, WebEngage, XYXX, and Lohum Cleantech. 

Singularity is focussed on consumer, manufacturing, enterprise software, and financial services.

However, Singularity has invested in the Bombay Shirt Company through its fund I of INR 560 Cr, which was closed in March of 2023.