Peepul Capital backs Indian lingerie brand
Peepul Capital has committed INR700 million ($12.8 million) to lingerie and sportswear start-up Brandis Manufacturing and Marketing. The Bangalore-based company will use the funds to expand production facilities and build out its brand.
"There is a huge gap in the expectations of women consumers in terms of right price quality and communication," Nischal Puri, the company's founder, told The Economic Times. "Brandis aims to narrow this gap."
It is the first investment Peepul has made in the apparel space and the aim to support consolidation in what remains a highly fragmented Indian lingerie market. The industry is estimated to be worth INR78 billion and growing at a rate of 12% per year. Meanwhile, the sportswear market generated INR30 billion a year and is said to be expanding at an annual rate of 22%.
Brandis operates brands such as Beyouty and 2GO, competing against the likes of Amante, Jockey, Triumph and Enamor.
Previous investments in this space include IDG Ventures and Indo-US Venture Partners injecting $5 million into online lingerie retailer Zivame in March.
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