Bombay Shirt Company Bags $3.2 Mn From Singularity Ventures


SUMMARY

The fresh round of funds has come almost four years after the startup raised $8 Mn in a Series B funding round led by Lightbox VC

If the existing investors decide to infuse more capital or new investors come to the cap table, the round size can further increase

Late last year, the board of directors of Tomorrowland Apparels Pvt Ltd passed a resolution to allot 2,01,543 Series B CCPS to four investors, including Singularity Ventures and Sacheti

Apparel brand Bombay Shirt Company has raised $3.2 Mn (INR 26.9 Cr) in what seems to be a bridge funding round. The fresh round of funding was led by Singularity Ventures’ Growth Opportunities Fund I. The funding also saw participation from CaratLane’s Mithun Sacheti and other investors. 

Late last year, the board of directors of Tomorrowland Apparels Pvt Ltd, the parent entity of Bombay Shirt Company, passed a resolution to allot 2,01,543 Series B Compulsory Convertible Cumulative Preference Shares (CCPS) to four investors, including Singularity Ventures and Sacheti. 

If the existing investors decide to infuse more capital or new investors come to the cap table, the round size can further increase.

The fresh development has come almost four years after Bombay Shirt Company announced raising $8 Mn in a Series B funding round led by Mumbai-based Lightbox VC.

Founded in 2012 by Akshay Narvekar, Mumbai-based Bombay Shirt Company offers online tailor-made shirts to its consumers. Currently, the startup has around 18 stores across various cities, including Mumbai, Delhi NCR, Bengaluru, etc.

According to the startup’s website, the startup now sells custom-made shirts, jeans, chinos, and t-shirts among others.

In the Indian market, Bombay Shirt Company competes against the likes of The Pant Project, Snitch, Damensch, Souled Store, XYXX, et al.

Interestingly, the fresh capital infusion by Singularity Ventures comes a few months after the firm announced the first closure of its second fund – Singularity Growth Opportunities Fund II – at INR 500 Cr. Singularity’s second fund has a total corpus of INR 1,500 Cr. 

Founded in 2021, Singularity is led by Yash Kela and is promoted by former Reliance Capital executive Madhusudan Kela-founded family office Singularity Ventures, which began operations in 2016. Singularity has so far invested in startups like mCaffeine, Exotel, WebEngage, XYXX, and Lohum Cleantech. 

Singularity is focussed on consumer, manufacturing, enterprise software, and financial services.

However, Singularity has invested in the Bombay Shirt Company through its fund I of INR 560 Cr, which was closed in March of 2023. 





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