Bagzone Lifestyles has announced a USD 9 million or Rs 75 crore fund raise from First Bridge India Growth Fund.
The parent company of Lavie said it plans to establish a 1.50 lakh square feet manufacturing facility and open 300 exclusive brand outlets to expand its offline presence.
The expansion will see it create another 1,000 jobs and penetrate into Tier 2 and Tier 3 markets, as per an official statement issued on Wednesday.
Terming this as a strategic funding, the statement said the company has set on a 5-year-roadmap where it is aiming for a ten-fold growth.
"They (First Bridge) come with a long track record of building many successful consumer businesses. We hope to grow 10X in the next few years and become a multi-category, multi-brand business," the company's chief executive Ayush Tainwala said.
First Bridge's managing partner Vishal Kumar Gupta said this is the maiden investment from a new fund.