The company launched its portal to U.S. customers last June, and says it has added new members at the rate of 20% to 25% every month. It didn't reveal total membership numbers.
The latest round of funding comes from two existing investors – Helion Venture Partners rand Accel Partners India – and a new stakeholder Tiger Global Management. Such online ventures are not new to these investors: Helion has invested in travel site Makemytrip Ltd., Accel in Indian movie site Chakpak, and Tiger Global in online bookstore FlipKart.
The company's ability to retain its current investors and garner fresh support showcases the attractiveness of India-focused online ventures. Sites specifically targeted at the Indian diaspora have been few and far between, and Exclusively.in's entry comes at a time of growing awareness of India's fashion, music and food.
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Exclusively.in, an online portal for Indian fashion, secured $16 million in a second-round of funding that it will use to expand its markets.
With this round of funding, the company will expand to the U.K., Canada and even head to the shores of India this summer.
The company's plan to open up its portal to the Indian audience is not surprising given the popularity of the handful of similar businesses that exist currently. The online portal stretches the reaches of fashion beyond India's metros to the large number of folks living in suburbs and second-tier cities.
"We want to provide people a place that's only about selling stuff but talking about a lifestyle, fashion trend…No one has done this for the global Indian consumer," said Sunjay Guleria, co-founder and chief executive "We want to bring this global lifestyle storyline to the Indian diaspora."
Exclusively.in, an online portal for Indian fashion, secured $16 million in a second-round of funding that it will use to expand its markets.
With this round of funding, the company will expand to the U.K., Canada and even head to the shores of India this summer.
The company's plan to open up its portal to the Indian audience is not surprising given the popularity of the handful of similar businesses that exist currently. The online portal stretches the reaches of fashion beyond India's metros to the large number of folks living in suburbs and second-tier cities.
"We want to provide people a place that's only about selling stuff but talking about a lifestyle, fashion trend…No one has done this for the global Indian consumer," said Sunjay Guleria, co-founder and chief executive "We want to bring this global lifestyle storyline to the Indian diaspora."
Exclusively.in's business idea is to make Indian designer wear accessible through an online membership-based portal, and conduct daily sales that price these items at off-the-rack discount prices. Exclusively.in started by offering this only to U.S.-based customers on the belief that high Internet andcredit-card penetrations combined with sizable disposable incomes would be the target audience.With this round of funding, the company will expand to the U.K., Canada and even head to the shores of India this summer."We want to provide people a place that's only about selling stuff but talking about a lifestyle, fashion trend…No one has done this for the global Indian consumer," said Sunjay Guleria, co-founder and chief executive "We want to bring this global lifestyle storyline to the Indian diaspora."
The company is in the process of signing up more Indian designers, it currently offers a range of them including Tarun Tahiliani and Manish Arora. It sells clothes under broad categories of bridal wear, Indo-western outfits and western wear.
"They are addressing a premium segment...and trying to build a premier brand," said Prashanth Prakash, a partner at Accel Partners India based in Bangalore.
Mr. Guleria of Exclusively.in says the management team is open to all possibilities down the line, including attracting a larger entity to buy out the company or taking it public.
"We just have to build a valuable long-term business," Mr. Prakash said. "Potentially, we see the company listed. It's a large enough idea and the team is committed to making the idea big."
