[dropcap]F[/dropcap]ashion- focused social network Roposo has raised funds worth USD 5 million in the second leg of Series B round from Bertelsmann India Investments (BII), the strategic investment arm of the international media, services and education group.
The first leg of the current round was declared in August last year that was led by its existing backer, Tiger Global Management. Roposo has raised about $21 million (about Rs 140 crore) in external funding till date from investors including Bertelsmann India, Tiger Global, India Quotient and Flipkart’s CEO Binny Bansal.
The Gurgaon based startup has announced its plans to leverage the funds raised for strengthening its technology backbone, expanding its team, bolstering the product and enhance its community.
Avinash Saxena, co-founder of Roposo, told media “While Tiger Global had committed to invest the entire $15 million we wanted to bring in a new investor that would share the same philosophy as us, and support our growth. We had set aside about $5 million accordingly. We are fortunate to have Bertelsmann on board as a partner.”
Pankaj Makkar, managing director of BII, said, “With an extremely strong founding team, it has managed to capture immense mindshare in India within a fairly short span since inception. With leaders such as multi-channel network StyleHaul in the US and social network Mogujie in China in the Bertelsmann family, we are excited to now work with Roposo to make it the leading fashion destination in India.”
Roposo was founded in July 2014 by three IIT Delhi alumni, Mayank Bhangadia, Avinash Saxena (ex-CTO of Zomato) and Kaushal Shubhank.