Bengaluru-based online lingerie brand, Buttercups has raised an undisclosed amount in a fresh round of funding led by Snapdeal’s ex-CPO, Anand Chandrasekaran and existing investors Kanwaljit Singh and Manoj Varghese.
Buttercups was launched in 2013 by Arpita Ganesh. The startup has pioneered the fitting room concept, and using a multi-channel strategy for acquisition and retention, to creating a product line that remains matchless on design aesthetics and functionality, the brand has managed to build a distinct and sustainable advantage in the lingerie category.
As claimed by the company it has doubled its customer acquisition in the past 12 months.
Commenting on the company’s business strategy, Arpita Ganesh, Founder and CEO said, “We have always been clear about how we want to build the business. We are a digitally native brand focusing on the quality of our products, and a great customer experience. The unique online quiz, which guarantees a perfect fit and allows us to scale beyond geographic constraints, as well as the personalised fitting rooms experience, are both results of this focus. We also believe that scaling need not come at the cost of profitability. The endorsement and support from seasoned investors like Kanwal gives us the confidence to continue this approach.”
The raised funds will help Buttercups to accelerate its growth plan, both offline and online. The startup is currently working towards opening its innovative and experiential fitting rooms across 12 cities.
Speaking on his investment and association with Buttercups, Anand Chandrasekaran said, “I believe that a great business model and innovative product plus a driven and passionate entrepreneur is the recipe for startup success. My association with Buttercups is guided by Arpita’s vertically focussed approach and her thoughtfulness in building a modern brand for women. Her emphasis on rejigging the category landscape through deep customer focus and industry knowledge will lead to a very interesting omnichannel business getting built. ”
Buttercups had secured its seed round in June 2015, led by Kanwaljit Singh, Angie Mahtaney and others.
Earlier in June, Mumbai-based Prettysecrets had raised $6 Mn (INR 40 Crore) from RB investments and existing investor Orios Venture Partners. Last year in September, Bengaluru-based Zivame had secured funding from Tata Sons chairman emeritus, Ratan Tata and $38 Mn (INR250 Cr) Series C round of funding from Zodius Technology Fund and Khazanah Nasional Berhad. Clovia, earlier known as Cloe, is another player in this space. The startup had raised Series A round of funding from IvyCap Ventures in June last year.