Roposo, an online fashion social network platform, has today announced closure of another $5 million in its Series B round of funding from Bertelsmann Investments.
Earlier, in the first phase of the current funding round, the company had raised $15 million from Tiger Global. With this latest cash, the total fund raised in the Series B round stands at $20 million.
Along with investing in the fashion discovery and social network website, Bertelsmann will also be offering guidance to Roposo for its next level of growth and expansion.
The raised funds will be used by the company to strengthen its technology backbone, further expanding its team, bolstering the product and enhancing the Roposo community. It is also likely to expand its categories and offerings.
Commenting about the funding, Roposo, co-founder, Avinash Saxena said,
Bertelsmann has a proven experience in content, social and commerce. They’ve been early investors in several successful companies across the globe including emerging markets like India, China and Brazil. When we met their team, they had a unique perspective on how they could help Roposo scale. We liked their approach and are certain that their expertise will help our social network unlock many more opportunities in the days ahead.
BII Managing Director, Pankaj Makkar said,
We see tremendous promise in Roposo as a social network and as a business model. With an extremely strong founding team, it has managed to capture immense mindshare in India within a fairly short span since inception. With leaders such as multi-channel network StyleHaul in the US and social network Mogujie in China in the Bertelsmann family, we are excited to now work with Roposo to make it the leading fashion destination in India.
Founded in 2014 by IIT Delhi alumnus, Mayank Bhangadia, Avinash Saxena and Kaushal Shubhank, Roposo is a unique fashion discovery platform that employs a proprietary recommendation engine to match shoppers.
Roposo offers choices from across 150 web stores with categories spanning from apparel, footwear to all sort of fashion accessories. The company intends to make use of the exponentially rising e-commerce market of India.
In August 2015, while announcing its $15 million funding round, the company had claimed to have more than 1 million active users, with the user generated content escalating 4 times every month.
Till now, Roposo has raised around $21 million in three funding rounds. Initially backed by Flipkart founder Binny Bansal and India Quotient, it raised $5 million in Series A round and $15 million in the first leg of Series B round, both from Tiger Global Management.
In the space of online fashion discovery portals, Roposo competes with the likes of Voonik, which raised funds from Sequoia Capital, Wooplr, which raised funds from Helion Venture Partners and Doozton, which is now acquired by Snapdeal.