Bazar India, one of the leading retail brands and India's fastest growing fashion and lifestyle company has raised Rs25 crore in Series A funding on Planify Capital Platform.
Bazar India will utilise the fund for expanding its team, marketing and branding, funding expansion plans and platform advancement.
The company has raised the current round led by Shashvat Nakrani, co-founder of Bharatpe, Sanjiv Maini, VP at Hindware group; Bhumika Srivastava, HR Director at Airbnb and other executives.
Bazar India has a PAN India presence with 55 stores in 51 cities and 13 states, providing a content-led lifestyle retail experience to its customers. Its retail chain offers a wide range of apparel and general merchandise at competitive prices and in the latest fashion, making it a popular destination for "under-served" India. Bazar India motto "Fashion ke saath bachat bhi" can be truly identified from their range and the value of product portfolio they maintain all across their stores.
Bazar India operates as "One Stop Shop", caters to the complete fashion needs of the entire family at most affordable prices. Furthermore, the company has a strong presence in Northeast India, making it the top brand in the value segment. The company has a strong base of more than 4,500 employees.
The management of the company believes that the organisation has strength to spread its wings across India with a capacity to escalate its chain upto 1000 stores in the next year, and the company plans to increase its value-added by launching new products along with its own brand, which will create employment opportunities for many people. The company earned a net profit after tax of Rs 1.8 Cr with a revenue of Rs 180 Cr during FY21 despite facing COVID-19 lockdown and restrictions. The company is valued at 750 crores at the moment.
Atul Garg, CEO of Bazar India, stated, "The funds raised will be used for the company's expansionary purposes as the company plans to open 20 more stores in states such as Uttar Pradesh, Bihar, Jharkhand, Orissa, and also in South India.The Company is expected to reach a top line of Rs1000 Cr with a PAT of Rs70 Cr in the next 5 coming years. "
Rajesh Singla, CEO of Planify Capital, said, " Bazar India is poised to be one of the most prominent players in the retail segment in North East India. Early investors will have a great opportunity to make excellent returns on their investments."
Planify is a fintech startup that focuses on building India's first marketplace for private equity. Planify offers stocks that are not yet listed to investors (Angel, Accredited Investors, VC, AIF, and PE Funds) so that the exchange of hands can become easy in unlisted companies.
It aims to solve problems of the availability of IPO stocks to investors with its flagship product, Private Boutique. Startups and private companies can raise funds on their platform.
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( With inputs from ANI )
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