An undisclosed amount was invested in PrettySecrets;an online brand which offers lingerie,nightwear,swimwear,shape wear&accessories.The investment was led by Rehan Yar Khan,IAN member and Farooq Oomerbhoy,FAO Ventures and co-nvested by Harvard Angels&Orios Venture Partners.The investment also saw participation from Allia Al Rufai,Stylist and previously the Jr.Fashion editor of Harpers Bazaar India.
The Indian e-ommerce industry is flourishing at a fast pace and there is an evident rise in the uniqueness of the business ideas being introduced.The sector offers high growth opportunities and scope for new businesses to prosper and scale up.Keeping that in mind,Karan Behal founded PrettySecrets.Karan comes from a family background of manufacturing and exporting ladies nightwear for over 30 years.He is well versed with the industry with considerable experience in the lingerie retail segment,having been a part of a chain of lingerie stores"Lace–The lingerie club"earlier.
With the investment,PrettySecrets plans to widen its product catalog,build supply chain,enhance customer service and scale up aggressively.
Rehan Yar Khan,an IAN member who led the investment in PrettySecrets said,"Continuing on our theme of backing e-brands,we are optimistic of the success of Pretty Secrets,which addresses a large and underserved segment in India.In Karan Behal we have a founder with strong domain expertise,which makes all this possible."
Karan Behal,Founder and CEO,PrettySecrets said,"The Indian lingerie segment is exciting and given the size of our consumer economy and the relative infancy of the lingerie segment,this is a vast underserved market.Our experience in lingerie sourcing&manufacturing,brand building,front end retail and distribution make us well equipped to take the lingerie ecommerce segment by storm and deliver a superior value proposition.We feel proud to be a part of the Indian Angel Network as they will help us scale up our business and provide us with required mentoring and guidance."
Farooq Oomerbhoy,Managing Partner,FAO Ventures said,"The uniqueness of PrettySecrets lies in its emphasis on high quality private label merchandise.Their domain expertise has also helped them create a strong product and customer service centric brand.Looking at the experience Karan brings along,we have full faith in him and his idea."
The Indian Angel Network has over 200 members and has funded over 35 start-ups across multiple sectors like IT,Mobile,Healthcare and Education,across India and overseas and has made several successful exits.In 2011 alone,IAN invested over US$8 million in 11 start ups making it almost a deal a month.Till date,in 2012,IAN already invested in 10 companies.But moreimportantly,it is leading the development of the entrepreneurial and angel investment in India.The Planning Commission set up a high powered Committee for Angel and Early Stage investing at IAN's behest which delivered a path breaking report.
Source:
http://www.fibre2fashion.com/news/apparel-news/newsdetails.aspx?news_id=116655
