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Online lingerie brand Buttercups secures pre-Series A funding for expanding product range

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Buying intimate wear has traditionally been a challenge for Indian women. However, with the use of technology, a number of startups are solving this problem. One such startup, Buttercups has recently raised an undisclosed amount of funding in the Pre-series A round to further expand its range.

Former Chief Product officer of Snapdeal, Anand Chandrashekharan participated in the round along with existing angel investors existing angel investors Kanwaljit Singh and Manoj Varghese.

Buttercups was founded by Arpita Ganesh in 2013. In 2014, it raised its initial funds amounting to 4 lakhs through a crowdsourcing campaign from 200 women. Later in the same year, it raised $1 million angel investment from Sridhar Viswanathan, Kanwaljit Singh, Manoj Varghese, and Angie Mahtaney.

Unlike other similar startups, Buttercups designs and manufactures its own range of lingerie wear. Moreover, it operates its business through both online and offline channels. It offers a personalized fitting process through both channels. It aims not only to sell products but also to educate and help women in finding a perfect fit for them.

For this purpose, it has opened physical stores or fitting rooms of 300-400 sq.ft size. Highly trained fitters at these stores help women understand their size and fit and buy lingerie according to it.

On its website also, Buttercups has a specialized questionnaire through which customers are able to understand their bodies and find their Buttercups size. They can also discover styles as per their body type.

Talking about this unique proposition of Buttercups, Arpita says,

We are a digitally native brand focusing on the quality of our products, and a great customer experience. The unique online quiz, which guarantees a perfect fit and allows us to scale beyond geographic constraints, as well as the personalised fitting rooms experience, are both results of this focus.

She further said that fitting rooms of Buttercups witness 90% conversion of sales and receives around 15-20 women per day. The average amount per order is also higher at 3500 INR from fitting rooms as compared to INR 2000 through online medium.

The startup claims to be getting an average of 500 orders per month out of which half comes from Bengaluru. 30% of orders also come from Delhi and Mumbai together.

Buttercups aims to open 15 new fitting rooms across 10 cities in India in next two years. It will open two new rooms in Bengaluru in this year itself. It is also looking to close Series A round in next four months.

The market leader of this segment, Zivame has close to $50 million in funding across three rounds. Last year, it had raised $40 million in a Series C round from Khazanah Nasional Berhad and Zodius Technology Fund.

There are few other noteworthy startups in this segment. One such startup is Clovia formerly known as Cloe which came into existence in 2013. It had raised Series A funding last year. This year, another similar startup called PrettySecrets secured $6 million( Rs. 40 crore) in a Series B round to add new products and improve its supply chain.

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