Gurgaon-based Relevant e-solutions Pvt Ltd, which runs fashion discovery app Roposo, has raised $5 million (around Rs 34 crore) in the second leg of its Series-B round from Bertelsmann India Investments (BII).
The firm will use the funds for strengthening its technology backbone, expanding its team, bolstering the product and enhancing its user community.
Founded in July 2014 by IIT Delhi alumni Mayank Bhangadia, Avinash Saxena and Kaushal Shubhank, Roposo is a fashion social network that offers curated fashion choices across categories such as apparels, footwear, accessories and lingerie from over 500 web stores and 5,000 brands. A mobile-only platform, Roposo claims to have more than 2 million active users on its platform.
Roposo had raised $15 million (Rs 100 crore) in the first leg of its Series-B funding from existing investor Tiger Global Management in August 2015. With the latest round, the company has raised $ 21 million (Rs 140 crore) till date.
In March 2015, it had raised $5 million in Series A funding led by Tiger Global. India Quotient and Flipkart co-founder Binny Bansal also participated in that round.
“We see tremendous promise in Roposo as a business model,” said Pankaj Makkar, managing director, BII, in a statement.
The firm will use the funds for strengthening its technology backbone
