Online Fashion Retailer Yepme raises $75M from Khazanah Nasional and its Existing Investors
Indian online fashion retailer Yepme has raised $75 million from investors led by Malaysian state investment fund Khazanah Nasional Bhd, Reuters reported, quoting two sources familiar with the matter.
The Delhi-based company, which makes its own brand name clothes, will put the money towards brand building and the launch of an ethnic India line ahead of the festive season of Diwali, the sources said.
Existing investor Helion Venture Partners participated in the fundraising, while Credit Suisse advised Yepme, one of the sources said. Helion is a India-focused venture fund with over $600 million under management.
Helion did not comment, while Khazanah did not immediately respond to the news wire’s email outside office hours. Yepme also did not respond to Reuters’ calls seeking comment.
This is Khazanah’s second investment in an India-based online retailer in recent times, having completed online lingerie store Zivame $40 million Series C fundraising last week.
Founded by Vivek Gaur and Sandeep Sharma, the online retailer sells its own brands on its site as well on other e-commerce sites in India, apart from selling other domestic and global apparel brands.
The online retailer, launched in August 2011, also sells to customers in the US, UK and Singapore.