New Delhi, Oct 11 : Fashion accessories brand Bagzone Lifestyles on Wednesday said that it has secured $9 million investment from First Bridge India Growth Fund.
“With this new capital infusion, Bagzone is set to fortify its internal manufacturing capabilities by establishing a state-of-the-art, 150,000-square-foot factory,” the firm said in a statement.
Additionally, the company is planning to expand its offline presence with the opening of 300 exclusive brand outlets.
Over the next five years, Bagzone is eyeing ten-fold growth, and transforming into a diversified company. Simultaneously, the company aims to achieve a 70% localization rate in its sourcing efforts while expanding its brick-and-mortar presence.
The company also aims to penetrate Tier 2 and Tier 3 markets to meet the evolving demands of its customers.
Commenting on the fresh fund infusion, Bagzone Lifestyles CEO Ayush Tainwala said, “We will use the funds raised to enhance our in-house manufacturing capability, deepen our offline presence, and grow our brand’s stature and recall.”
Managing Partner of First Bridge, Vishal Kumar Gupta said, “First Bridge is delighted to partner with Bagzone, with the maiden investment from its new fund.”
