Yepme raises $13mn from TCS Capital & JS Capital; seeks more funding from SoftBank
Vas Data Services Pvt. backed fashion e-tailer Yepme.com has reportedly secured close to $13 million in Series A funding round from TCS Capital and JS Capital, with participation from existing investors Helion Venture Partners and Capricorn Investment Group, reports iamwire.
The company is also reportedly in talks with Japanese corporation SoftBank and a few other global investors to raise a large round of funding by June this year, reports Live Mint. The company is targeting to raise around $100 million, Chief Executive and Co-Founder Vivek Gaur said in an interview in December.
Yepme.com was founded in 2010 by Sandeep Sharma, Vivek Gaur and Anand Jadhav. The company sells its products on marketplaces such as Flipkart, Amazon, Snapdeal, Jabong and Myntra, apart from its own portal. It sells private labels under the brand name Yepme in ethnic Indian wear and western wear for men and women. The company competes with online private label brands such as Zovi and Freecultr.
Last year in April, Yepme started its international business Yepmeworld.com, and currently sells to customers in the US and plans to expand its presence to others markets in the coming months.
Recently, Yepme hired actor Shah Rukh Khan to promote its brand and launched its television campaign with him last month. According to the company, since the launch of the commercial, its sales have more than doubled. The company claims that it currently offers services in more than 1,000 cities and delivers close to 500,000 units a month.
According to documents filed with the RoC, the company reported a loss of Rs.45.5 crore on sales of Rs.61 crore for the year ended 31 March.
According to the Live Mint report, Yepme is targeting a revenue of over Rs.200 crore by March 2015 and Rs.600 crore by the next fiscal year. According to the company, 70% of its revenue comes from the men’s category.