Mumbai: Innerwear firm Brandis Manufacturing and Marketing Pvt Ltd has raised Rs.70 crore in multiple installments from Peepul Capital Fund III LLC. Brandis Manufacturing has a women’s innerwear brand called BEYOUTY and men’s active-wear brand named 2GO.
“Brandis aims to become a significant player in the fragmented women innerwear segment in the next few years. India with a high percentage of youth consumers who are fashion and fitness conscious is an extremely lucrative market for active wear,” said Nischal Puri, managing director, Brandis Manufacturing.
The women’s apparel market in India is Rs.72,050 crore and the lingerie market contributes to 10.83 % of the total, the company said in a statement. The highly fragmented lingerie market is pegged at Rs.7,800 crore, growing at 12% per annum.
Brandis will use the money to expand operations, establish production facilities and build brands.
Brandis Manufacturing is the first growth capital investment in the apparel space by Peepul Capital.
“Our belief is that the space is still very fragmented and there is tremendous opportunity for a player that is able to present the right product-pricing-imagery matrix to the consumer,” said Venkat Shankar, investment director, Peepul Capital Advisors Pvt. Ltd.