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Exclusively.in raises $16 Million in Series B Funding

Exclusively.in, an online portal for Indian fashion, raised its series B funding of $16 million led by Tiger Global Management LLC. The existing investors Accel Partners and Helion Ventures also participated in the funding. The amount raised will be used to fund its international expansion plans and sign exclusive contracts with India's fashion designers.

Founded in June 2010, the company raised its first round of venture capital funding of $2.8 million from Accel and Helion in November 2010. The site offers a variety of products including jewelry, handbags, crafts, paintings and wedding attire. Their main target audience is the NRIs and it has been catering solely to the U.S. The site plans to reach one million active, registered members in the next few months.

Lee Fixel from Tiger Global, Prashant Prakash from Accel Partners and Ashish Gupta from Helion Ventures will join the board of Exclusively.in. Sanjay Guleria, Founder and CEO, Exclusively.in, said that the team is excited to have Tiger Global on board as they have invested a lot in Indian firms and they look forward to their expert advice.

With Makemytrip.com, e-tailer Myntra.com, Babyoye.com and consumer electronics shop Letsbuy.com in their portfolio showing impressive growth curve, Tiger Global feels that Exclusively.in will also do the same. Tiger Global's Lee Fixel said that the company is well positioned to bring Indian fashion to the masses and they are excited to help them realize that vision.

According to the company, they added new members at the rate of 20 percent to 25 percent every month and further stretches the reaches of fashion beyond India's metros to the large number of folks living in suburbs and tier II cities. Currently the company works with 250 brands every month to offer a sale that last short periods and called as 'flash' sales and the average transaction amount is $250.

The company announced its official launch in the UK, which is one of the largest market in terms of demand for Indian fashion products and plans to launch in other markets including Canada and India in the coming months. They have recently launched a wedding boutique on its website, offering wedding attire sales from Indian designers such as Manish Malhotra, Tarun Tahiliani, Manish Arora, Ritu Kumar and Payal Singhal. The company, to reach out to existing and prospective customers, uses social media networks like Facebook and Twitter.

Source: Silicon India

May 29th, 2011

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