The Label Life, an online store for lifestyle products, has secured around ₹20 crore in a new funding round from Kalpavriksh — a private equity fund of finance services group Centrum.
This marks the second investment by the fund, which was launched last year. The fund is looking to invest in startups that are operating in consumer and healthcare businesses.
With the fresh capital coming in, the Mumbai-based startup is now looking to broaden its collection of products as well as ramp up its marketing efforts.
As a part of this funding round, Niraj Shah from Kalpavriksh will be joining the board of The Label Life, working closely with the team to provide strategic support in supply chain, retail operations and guidance in the next phase of profitable growth.
Preeta Sukhtankar, Founder and CEO, The Label Life, says,
Kalpavriksh’s team has a deep understanding of supply chain, operations and customer engagement, so we have a lot to benefit from this partnership. With Kalpavriksh’s investment, the brand’s immediate plans are to aggressively expand the label, double the SKUs, explore an omni-channel strategy and focus on collaborations and partnerships.
Giri Krishnaswamy, Chief Investment Officer, Kalpavriksh said,
Consumer-centric businesses are at an inflection point in India and The Label life is well positioned to capitalise on this opportunity. The brand has demonstrated growth through innovation and strong customer engagement simultaneously with good unitary economics.
The Label Life was founded in 2013 by Preeta Sukhtankar. Initially, it was started with multiple sites, The Closet Label, The Home Label, and The Trunk which were later consolidated into one in 2015.
The startup is backed by various celebrities such as Sussanne Khan, Malaika Arora and Bipasha Basu. The company was also backed by Kalaari Capital, which exited the startup last year.