New Delhi: Homegrown clothing brand Bombay Shirt Company, has raised Rs 54 crore in a Series B funding round led by Singularity and included contributions from Caratlane founder and Singularity general partner Mithun Sacheti, it said in a press release on Monday.
As part of the transaction, new investors join the cap table via a secondary buyout of the shares of former Bombay Shirt Company employees.
The company plans to invest the funds to expand its stores and strengthen the franchise model, read the press release.
In addition to this funding round, chief operating officer Chippy Mehta has been elevated to the co-founder position.
“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.
Launched in 2012, the company has a presence in 20 stores across 10 cities and also has its own online app.
