Bagallery, a beauty and fashion e-commerce store, has raised $4.5 million in Series A funding in a round co-led by Zayn Capital, along with existing investors Lakson Venture Capital and UAE-based Hayaat Global, it emerged on Thursday.
According to a press release, Bagallery aims to launch new projects in 2022 with the funding, including a "first-of-its-kind platform that will allow customers and influencers in the beauty and fashion industry to connect".
The e-commerce store's vision is to "democratise online beauty and fashion with the best in-class customer service and an unmatched variety,” the statement said.
Co-founders Mina Salman and Salman Sattar, who started the business in 2017, said they are planning for a "mega expansion" with the funds by acquiring fashion brands and expanding to other locations.
"Pakistan is a country of 220 million people, and everyone wants to look beautiful. Our purpose is to offer affordable fashion and beauty products to each and every segment of the population. Globally, fashion and beauty are the biggest categories for e-commerce, so we are playing in the right vertical which has already seen many unicorns globally, especially in the last three years," the press release quoted them as saying.
The e-commerce store's current product range includes skincare, makeup, fragrances, handbags, watches and clothing and its website attracts over 2.7 million visitors per month, the press release added.
Since raising seed funds in 2020, Bagallery boasts a three-fold increase in revenue as well as the addition of more than 20,000 products and 2,000 brands to their online store. Compared to the last stage, the company’s valuation has gone up by four times, as per the press statement.
‘’We are thrilled to continue supporting Bagallery in its aim to reinvent the online beauty and fashion industry in Pakistan," said Babar Lakhani, managing partner of Lakson Venture Capital.
With the funding, the e-commerce store can scale faster by acquiring online fashion brands to grow its portfolio and maintain its market leader position, he said.
Mohammed Ikhlaq, managing director at Hayaat Global, said the company was drawn to Bagallery because of its attention to strong fundamentals such as "passionate promoters, in-demand brand portfolio, great customer outreach, and growth focus".
"The team is leveraging these strengths to continuously bring fresh, innovative concepts to consumers, and becoming a top market player in this process," he said, adding that the company was excited to support the business as it embarked on the next phase of its journey.