Homegrown garment business Bombay Shirt Company has secured Rs 54 crore in a Series B fundraising round led by Singularity, which includes contributions from Caratlane founder and Singularity general partner Mithun Sacheti, according to a news press release on Monday.
As part of the deal, new investors enter the capital structure through a secondary buyout of shares held by former Bombay Shirt Company workers.
The firm intends to use the capital to grow its outlets and develop the franchise model, according to the news release.
In addition to this fundraising round, Chippy Mehta, Chief Operating Officer, has been promoted to Co-Founder.
“Working with a seasoned operator like Mithun is a great honor for us. He has built a once-in-a generation D2C brand in CaratLane and we hope to apply those best practices here at BSC. We are excited to have him on in the next phase of our journey,” said Akshay Narvekar, founder and CEO of the company.
The firm, which was founded in 2012, has 20 outlets in ten cities and has its own internet app.
