The Indian fashion retailer Yepme has recently secured an undisclosed amount of funding from Gokaldas Exports Ltd. The startup will use the fund to enhance its brand value and to launch its ethnic wear range just before Diwali this season.
The company will also use the funding to enhance the user experience of Yepme UK plc, that caters to European, Middle East, and U.S market. Yepme is an online fashion brand that offers products for both men and women.It also sells watches, specs, footwears and other accessories.
Recently the company raised around $700,000 in bridge funding by optionally issuing debentures to Rainbow Digital Services Pvt. Ltd and ILearnFinance Academy Pvt, Ltd.
Back in September 2014, the company raised $32.5mn from Helion Venture Partners II LLC, Capricorn Capital Partners, and Morpheus Media Fund. Again, in September 2015 it raised another $75mn. Helion and Capricorn together hold around 60 percent of the stake, while Morpheus hold 8 percent stake in the company. The founders hold close to 20 percent share of Yepme.
Yepme joined eCommerce major Amazon’s global selling program so that it can sell products in UK, Germany, France, Italy, and Spain.
As per reports, the online Indian fashion market place is all set to touch $35bn by 2020, and India is expected to generate $100bn online sales revenue by the end of 2020.