It looks like the Indian Angel Network is on a funding spree. After investing in an e-commerce search provider Unbxd last week, the investment venture has now invested an undisclosed amount in Prettysecrets.com, an online lingerie store operated by MTC Ecom Pvt Ltd.
The investment was led by IAN members Rehan Yar Khan and Farooq Oomerbhoy, with participation from Harvard Angels, Orios Venture Partners and Allia Al Rufai, stylist and former junior fashion editor of Harper’s Bazaar India. The company plans to use the funding raised, to increase its product catalog, improve customer service and build a supply chain.
Launched in October 2011, PrettySecrets.com was initially known as Mylace.in, before rebranding to the current avatar in August 2012. The company claims to be the first online exclusive lingerie brand in India
When we checked the website, we noticed that the site currently offers various types of lingerie including bras, panties, nightwear, swimwear, shape wear, bridal lingerie and accessories among others from different lingerie brands like B’witch, Amante, Enamor, Maya and Triumph. One can sort the products based on pricing or filter the products in any category based on the brand, size, and pricing. There is also a dedicated sale section, which offers lingerie and nightwear at a discounted price.
Interestingly, the company notes that it sources the products directly from brands, and handles all the warehousing and shipping of the products by itself.
Offline Stores: It’s worth noting that MTC also operates an offline chain of lingerie stores called ‘Lace – The lingerie club‘ and a Pretty Secrets sleepwear clothing line, which is available in more than 200 points of sales including stores like Shoppers Stop, Central, and Globus among others, according to the company website.
Payment Options: Among the payment options offered by the site include credit and debit cards, net banking and traditional payment modes like cash deposit, cheque, demand draft and money order. The company also offers cash on delivery in select cities and towns, although it charges an additional Rs 50, as a convenience charge. The company claims to ship products in two working days and charges a flat Rs 50 fee as the shipping fee on orders below Rs 750, with free shipping on orders above Rs 750.
Other Players: Bangalore-based Zivame had raised an undisclosed amount in its Series A funding from IDG Ventures and Indo-US Venture Partners in March 2012. The company had then stated that it intends to use the capital raised, to increase its product catalog, create additional consumer touch points, improve the customer experience, and scale its technology and operations. The company had also claimed to host around 12000 SKUs (Stock Keeping Unit) and registered 0.25 million visitors in February with 120% month-on-month growth, within six months of its operations.
In January 2012, Bollywood film actress Neha Dhupia had also launched her own online e-commerce venture HerStyle in January 2012, The e-commerce portal offered lingerie, nightwear, accessories and fragrances from domestic and International brands. Besides this, there are other lingerie e-commerce shops like StrapsAndStrings, ShopImagine, OyeGirl, and Bwitch. Popular e-commerce portals like eBay, Infibeam, Myntra and Yebhi also offer a dedicated lingerie section.