Latest News | Bagzone Raises USD 9 Million from First Bridge for Expansion

Mumbai, Oct 12 (PTI) Bagzone Lifestyles has announced a USD 9 million or Rs 75 crore fund raise from First Bridge India Growth Fund.

The parent company of Lavie said it plans to establish a 1.50 lakh square feet manufacturing facility and open 300 exclusive brand outlets to expand its offline presence.

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The expansion will see it create another 1,000 jobs and penetrate into Tier 2 and Tier 3 markets, as per an official statement issued on Wednesday.

Terming this as a strategic funding, the statement said the company has set on a 5-year-roadmap where it is aiming for a ten-fold growth.

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"They (First Bridge) come with a long track record of building many successful consumer businesses. We hope to grow 10X in the next few years and become a multi-category, multi-brand business," the company's chief executive Ayush Tainwala said.

First Bridge's managing partner Vishal Kumar Gupta said this is the maiden investment from a new fund.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)