Bagzone Lifestyles Secures $9 Million Investment from First Bridge India Growth Fund
- ByStartupStory | October 11, 2023
Bagzone Lifestyles Pvt. Ltd., a Mumbai-based lifestyle retailer known for brands like Lavie, Lavie Sport, and Lavie Luxe, has successfully raised a $9 million investment from First Bridge India Growth Fund. The company, operating in the fashion and lifestyle sector, offers a wide range of products including handbags, wallets, and travel accessories.
With this infusion of capital, Bagzone aims to solidify its manufacturing capabilities and expand its offline presence by opening 300 exclusive brand outlets. The company is set to establish a state-of-the-art, 150,000-square-foot manufacturing facility as part of its growth strategy.
Ayush Tainwala, CEO of Bagzone Lifestyles Pvt. Ltd., expressed excitement about this new partnership, stating, “We are very excited to partner with First Bridge. They come with a long track record of building many successful consumer businesses. We hope to grow 10X in the next few years and become a multi-category, multi-brand business. We will use the funds raised to enhance our in-house manufacturing capability, deepen our offline presence, and grow our brand’s stature and recall.”
Bagzone also plans to localize 70% of its sourcing efforts while expanding its presence in Tier II and Tier III markets to cater to evolving customer demands. The rapid expansion strategy is expected to generate employment opportunities for 1,000 individuals across India, contributing to the country’s economic growth.
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Vishal Kumar Gupta, Managing Partner of First Bridge, expressed enthusiasm for the partnership, saying, “First Bridge is delighted to partner with Bagzone, with the maiden investment from its new fund. Lavie is already the clear market leader. They operate in a market that will benefit from the shift to organized and an exponential increase in women’s consumption in the next few years. In Ayush, we see a young and energetic founder who has a deep understanding of the accessories market in India. We are confident of a successful journey of hyper-growth with team Lavie.”
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