One of the foremost flash sales websites, Exlcusively.in, a web portal that provides users with enticing deals on Indian fashion products has now reportedly raised a whopping $16 million in a Series B round of venture funding. The funding round was initiated by Tiger Global Management LLC and witnessed the presence of some of the most renowned investors, such as Accel Partners and Helion Ventures. Exclusively.in plans to utilize the finds to expand is international operations, while also increase its tie-ins with major Indian fashion designers. Exclusively.In was founded in the year 2010 and the company was initially invested in by Accel and Helion in the month of November, when the flash sales website was able to raise some $2.8 million. As of now, Exclusively.in is focused on NRIs based in the U.S and offers its members a range of products including jewelry, handbags, crafts, paintings and wedding attire.
Along with the new venture funding, Exclusively.in has also announced that it has now begun its operations in the U.K, while the company is planning to add India and Canada to its portfolio as well. Tiger Global Management is now said to be on the board of Exclusively.in, as the former will instate Prashant Prakash from Accel Partners and Ashish Gupta from Helion Ventures into the board. Tiger Global already maintains a vibrant portfolio with some of the most lucrative and successful online entities, such as Makemytrip.com, e-tailer Myntra.com, Babyoye.com etc. and the company is quite confident that Exclusively.in will be able to attract more consumers with its business model.
Via Venture Beat