Apparel brand Bombay Shirt Company has secured $3.2 million (INR 26.9 crore) in a bridge funding round. Leading the fresh infusion of capital is Singularity Ventures‘ Growth Opportunities Fund I, with involvement from Mithun Sacheti of CaratLane and various other investors.
Late last year, the board of directors at 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.
Should the existing investors decide to infuse more capital or new investors come to the cap table, the round size can further increase.
The development comes almost four years after Bombay Shirt Company announced raising $8 million in a Series B funding round led by Mumbai-based Lightbox VC.
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Established in 2012 by Akshay Narvekar, Mumbai-based Bombay Shirt Company specializes in providing custom-made shirts to its consumers through its online platform. Presently, the startup operates approximately 18 stores situated in different cities such as Mumbai, Delhi NCR, Bengaluru, among others.
As per the startup’s website, it currently offers a range of products including custom-made shirts, jeans, chinos, and t-shirts, among others.
Within the Indian market, Bombay Shirt Company competes with brands such as The Pant Project, Snitch, Damensch, Souled Store, XYXX, and others.
It’s worth noting that Singularity Ventures recently injected new capital, which follows shortly after the firm’s announcement of the initial closure of its second fund, the Singularity Growth Opportunities Fund II, with a sum of INR 500 Cr. This second fund now boasts a total corpus of INR 1,500 Cr.
Singularity, established in 2021 and spearheaded by Yash Kela, is backed by the Singularity Ventures family office, founded by former Reliance Capital executive Madhusudan Kela in 2016. Singularity has directed investments towards startups such as mCaffeine, Exotel, WebEngage, XYXX, and Lohum Cleantech.
Singularity is focused on consumer goods, manufacturing, enterprise software, and financial services.
However, Singularity’s investment in the Bombay Shirt Company was made through its INR 560 Cr Fund I, which closed in March 2023.
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