Exclusively.in, the e-commerce website that offers Indian and India-inspired designer wear, jewelry and decor products at discounted prices, to customers in overseas markets has raised $16 million in a Series-B funding round led by Tiger Global Management, with additional capital from existing investors Accel Partners India and Helion Venture Partners, the company informs us. It had previously raised $2.8 million from Accel Partners and Helion Venture Partners in November 2010. Exclusively.in intends to use the raised capital for new market expansion, optimization of its merchandising mix, further growth of customer base, and for filling up key senior management positions.
Exclusively.in also announced its official launch in the UK, which is one of the largest market in terms of demand for Indian fashion products, with a major presence of the Indian and South Asian diaspora. It plans to launch in other markets including Canada and India in the coming months.
The company had recently launched a wedding boutique on its website, offering wedding attire sales from Indian designers such as Manish Malhotra, Tarun Tahiliani, Manish Arora, Ritu Kumar and Payal Singhal. It had also set-up an Indian fashion pop-up store in Manhattan (NY), for a flash sale. Exclusively.in claims that it has registered a 30% month-oon-month growth in members. It also leverages social media networks like Facebook and Twitter to reach out to existing and prospective customers.