The funds will be used to set up a new manufacturing facility and open 300 exclusive brand outlets, Bagzone Lifestyles CEO Ayush Tainwala said.
“We hope to grow 10X in the next few years and become a multi-category, multi-brand business,” he said.
“We will use the funds raised to enhance our in-house manufacturing capability, deepen our offline presence, and grow our brand’s stature and recall.”
Bagzone currently sells handbags, wallets and travel accessories under the Lavie brand.
This is the firm’s first equity fundraise. Launched in 2009, Bagzone was bootstrapped until now.