Women's western non-casual wear brand Kaaryah today announced that it has raised 'pre-series A' round of venture funding from Mohandas Pai and The Saha Fund.
The company did not divulge the amount raised.
It plans to use the funds for recruitment, digitisation and automation, raw material sourcing, marketing and brand building, it said in a statement.
Earlier this year, Kaaryah had secured funding from chairman emeritus of Tata Group, Ratan Tata.
Launched in 2014, Kaaryah is a technology enabled, consumer data analytics driven apparel brand.
"Women with busy lifestyles look for a good fit and the latest fashion but not at the cost of comfort. We will deploy the funds to scale our operations and reach out to as many women as possible," the company's Founder and Chief Executive Officer Nidhi Agarwal said.
Kaaryah said it has invested in a dedicated team for research on body types, fits and lifestyles of Indian women.
The company has used technology extensively and the process re-engineering backed by a home-coded technology application helps it achieve working capital efficiencies beyond the benchmark level.
Kaaryah serves 3,500 orders monthly and also sells across marketplaces like Myntra, Jabong, Flipkart, Paytm, Snapdeal and LimeRoad, apart from its own website Kaaryah.Com, the statement said.
The market for women's western formal wear stands at Rs 100-150 billion (USD 1.5-2 billion) and is poised to grow twice of that in the next three to four years, according to industry estimates.
