Western non-casual wear online brand for women Kaaryah on Wednesday said it has secured an undisclosed amount in investment from Mohandas Pai and The Saha Fund. The company plans to use the funds for recruitment, digitisation and automation, raw material sourcing and marketing.
"The fact that business leaders of the stature of Ratan Tata and now Pai have invested in us is a huge validation of our entrepreneurial effort and our business potential," said Nidhi Agarwal, chief executive officer and founder of Kaaryah.
The company was launched in 2014 and caters to as many as 18 different sizes.
Kaaryah had secured funding from Ratan Tata earlier this year.
"Kaaryah is based on the fundamental principle that fashion is more than elite brands telling you what you need to look like? By putting in the time and expertise, Nidhi and her exceptional team have cracked the concept of fit down to tangible IP. To us, that is a critical solution in a huge opportunity space that addresses the most primary need we all face," Pai said.
Currently, Kaaryah serves as many as 3,500 orders a month and also sells across marketplaces like Myntra, Jabong, Flipkart, PayTM, Snapdeal, LimeRoad apart from Kaaryah.com.
"Kaaryah is at the forefront of 'fash-tech', with a disruptive business model driven by technology resulting in working capital efficiency, making the business both sustainable and scalable," said Ankita Vashistha, founder of The Saha Fund.
The market in India for women's western formal wear currently stands at about $1.5 -2 billion and is poised to grow twice of that in the next three to four years.