Private label lingerie etailer Moodsofcloe has plans to foray into the Asia Pacific region and also focus on offline distribution in Delhi and other metros through distribution partnerships, a top company executive told NextBigWhat.
The company has also raised an undisclosed amount of seed capital from Zurich based Mountain Partners AG and Apollo Tyres.
Speaking to NextBigWhat, Neha Kant, CEO and co-founder, Moodsofcloe said “With funding, we would be foraying into offline channel via distribution partnership in Delhi (NCR) and later on to other cities.” Besides Indian market, the company also aspires to roll out its operation to other countries in Asia Pacific region.
The details of deal is unknown, however the investment round was closed in December last year.
The company would be using investment for product development, marketing and hiring new talents. Currently, the website offers 6 categories and has around 100 product listed on it. Launched by Neha Kant, Suman Chowdhary and Sunanda Agarwal in January 2013, Moodsofcloe claims to have been doing around 50 transactions on daily basis. Apart from B2C etailing, Moodsofcloe also sells its products to other ecommerce websites.
Speaking about margin in the category, “Excluding shipping and other servicing cost, we are able to snap up 50% margin in almost all categories,” added Kant.
In terms of purchases across metros and other cities, Kant said “ At present metros contribute around 50-55% of order and remaining comes from tier 2 and 3 cities.”
To assist male shoppers, the company has featured Gentleman’s’ guide, which helps men to select products via recommendations. Moodsofcloe competes with players like Oyegirl, Cilory, PrettySecrets, Zivame with several others.