Lavie's parent Bagzone Lifestyles gets $9 million from First Bridge India Growth Fund
The expansion will see it create another 1,000 jobs and penetrate into Tier 2 and Tier 3 markets.
Bagzone Lifestyles has announced a USD 9 million or Rs 75 crore fund raise from First Bridge India Growth Fund.
The parent company of Lavie said it plans to establish a 1.50 lakh square feet manufacturing facility and open 300 exclusive brand outlets to expand its offline presence.
The expansion will see it create another 1,000 jobs and penetrate into Tier 2 and Tier 3 markets, as per an official statement issued on Wednesday.
Terming this as a strategic funding, the statement said the company has set on a 5-year-roadmap where it is aiming for a ten-fold growth.
"They (First Bridge) come with a long track record of building many successful consumer businesses. We hope to grow 10X in the next few years and become a multi-category, multi-brand business," the company's chief executive Ayush Tainwala said.
First Bridge's managing partner Vishal Kumar Gupta said this is the maiden investment from a new fund.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
04:27 PM IST