 "Mad(e) In India to raise Rs 30 crore in Series-A round")
Mad(e) In India, a Mumbai-based premium lifestyle brand, is planning to raise Rs 30 crore in a Series-A round of funding by the end of 2015, according to its founder and chief executive officer Pankaj Acharya.
Mad(e) In India, which started with a Facebook blog in March 2010, and then formally launched in January 2013, offers three major consumer categories including souvenirs, gifting and lifestyle accessories. It intends to utilise the funds to scale up and augment its market presence and operations, besides achieving other critical scale points.
The two-and-a-half-year-old startup, which currently offers it products online, also has an offline presence through three stores and across 21 multi-brand outlets, the company said in a release.
Speaking to Business Standard, Acharya said he had initially invested a little over $500,000 in Mad(e) In India, and was now looking at deploying a part of the proceeds from the proposed fundraising to open at least three offline stores during this financial year.
"Our game plan is to go aggressive offline as well, even as we are focusing on strengthening our online presence. The idea is to open 100 new outlets across the country, besides expanding our horizons to Dubai and US in the current year," he said.
Mad(e) In India garnered gross merchandise value (GMV) to the tune of Rs 2.26 crore during the 2014-15 financial year. It is planning to take its GMV to Rs 100 crore in the next three years, Acharya said.