Online beauty and fashion store Bagallery raises $ 4.5 million in Series A funding – Pakistan
Bagallery, a beauty and fashion e-commerce store, raised $ 4.5 million in Series A funding in a round co-led by Zayn Capital, with existing investors Lakson Venture Capital and Hayaat Global, based in the United Arab Emirates, he revealed on Thursday.
According to a press release, Bagallery aims to launch new projects in 2022 with funding, including a “one-of-a-kind platform that will allow clients and influencers in the beauty and fashion industry to connect “.
The vision of the e-commerce store is to “democratize online beauty and fashion with best-in-class customer service and unmatched variety,” the statement said.
Co-founders Mina Salman and Salman Sattar, who started the company in 2017, said they anticipate a “mega expansion” with the funds by acquiring fashion brands and expanding to other locations.
Read: Bagallery announces co-founder Salman Sattar as new CEO
“Pakistan is a country of 220 million people, and everyone wants to be beautiful. Our goal is to provide affordable fashion and beauty products to every segment of the population. Globally, fashion and beauty are the biggest categories for e-commerce, so we are playing in the right vertical which has already seen many unicorns around the world, especially in the past three years, “he said in the statement. Press.
The e-commerce store’s current product line includes skin care, makeup, perfumes, handbags, watches and clothing, and its website attracts more than 2.7 million visitors per month, adds. the press release.
Since the start-up fundraising in 2020, Bagallery has posted a three-fold increase in turnover as well as the addition of more than 20,000 products and 2,000 brands to its online store. Compared to the last stage, the valuation of the company has quadrupled, according to the press release.
“We are delighted to continue to support Bagallery in its goal of reinventing the online beauty and fashion industry in Pakistan,” said Babar Lakhani, Managing Partner of Lakson Venture Capital.
With funding, the e-commerce store can scale faster by acquiring fashion brands online to grow its portfolio and maintain its position as a market leader, he said.
Mohammed Ikhlaq, managing director of Hayaat Global, said the company was drawn to Bagallery because of its focus on solid fundamentals such as “passionate promoters, a portfolio of in-demand brands, close proximity to customers and a orientation towards growth “.
“The team leverages these strengths to continually bring new and innovative concepts to consumers and become a leading market player in this process,” he said, adding that the company was delighted to support the company as it embarked on the next phase of its journey.