Bagallery, a leading beauty, and fashion e-commerce Platform raises $4.5 Mn to become Pakistan’s biggest female Co-founded startup
Bagallery, a digital-first beauty and fashion startup in Pakistan has
raised $4.5 million in Series A funding. Round is co-lead by Zayn Capital,
existing investor Lakson VC and UAE- based Hayaat Global.
Bagallery is on a mission to reinvent how people shop for beauty and
fashion products online. With its wide range of products spanning across the
categories of skincare, makeup, fragrance, handbags, watches, and clothing,
Bagallery serves more than 2,700,000 visitors per month and has 500,000+
satisfied customers across the country.
Co-founded by Mina Salman back in 2017, Bagallery is Pakistan’s biggest
female co-founded startup, now being valued 4X vs their Seed Round funding.
With 40% of employees in the startup being women, the startup firmly believes
in empowering women and giving charge to them, particularly in an industry
where approximately 80% of customers are female.
Quote from Salman/Mina: 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 every segment of our population. Globally fashion and
beauty are the biggest categories for E-commerce, so we are playing in the
right segment which has already seen many unicorns globally especially in the last
3 years. We are planning for mega expansion after this funding both through
acquiring some fashion brands and expanding to other locations.
Since raising its Seed round in 2020, Bagallery has shown tremendous
growth over the last year, with a 3x increase in revenue and more than 20,000+
products and 2000+ brands added to their online store.
The startup also launched exciting innovations in the last year including
virtual try-on with L’Oreal ModiFace, live streaming, and social commerce. With
the startup now fulfilling the beauty and fashion needs of customers across
Pakistan, Bagallery is well-poised to establish itself as a market leader in
the beauty and fashion industry in Pakistan.
Quote from investor(s)
‘’It’s been amazing to see the growth of this company over the last
few years and I am excited to be a continued of Mina and Salman’s vision to
build the best Beauty and Fashion platform in Pakistan’’ said Co-founder &
Managing Partner Zayn Capital Frontier Fund.
‘’We are thrilled to
continue supporting Bagallery in its aim to reinvent the online beauty and
fashion industry in Pakistan. Since its
launch, Bagallery has captured the
market with its innovative go-to-market strategy and partnerships with leading
brands. With its Series A funding, Bagallery can scale
faster by acquiring online
fashion brands to grow its portfolio and maintain
its market leader position. We stand committed to Mina/Salman and
the Bagallery team in making the company the first domestic beauty and fashion
unicorn’’. said Babar Lakhani, Managing Partner of Lakson Venture Capital.
‘’We have been drawn to Bagallery because
of its unwavering attention to strong fundamentals: passionate promoters,
in-demand brand portfolio, great customer outreach, and growth focus. Salman,
Mina, and the team are leveraging these strengths to continuously bring fresh,
innovative concepts to the consumers, and become a top market player in this
process. Hayaat is excited to support this team as they look to embark on the
next phase of this exciting journey’’. said Mohammed Ikhlaq Direct Hayaat
Global SFO DMCC
With the Series funding, Bagallery aims to launch exciting new projects
in 2022 including a first-of-its-kind influencer platform that will allow
customers and influencers in the beauty and fashion industry to connect through
their website. Its vision is to democratize online beauty and fashion with best-in-class
customer service and an unmatched variety. Bagallery also shared their intent
to buy a few online brands in their operating categories to uplift their growth
and portfolio further.
Regionally, the beauty and fashion e-commerce industry has been booming
with a lot of ventures raising tens of millions of dollars in capital or having
big exits.
Nykaa, Indian beauty, and fashion e-commerce company, is valued at over
$10 billion, having gone public last month in late October. Myntra, another
Indian fashion e-commerce startup that competes with Nykaa today, was an early
player in this space and was acquired by Flipkart for $300 million in 2014.
Purple raised 140 million USD making it to the list of unicorns. 3 platforms in
Indonesia already become unicorns within the last few years.
Founders of Bagallery believe Beauty and Fashion will have at least 3 to
4 unicorns in Pakistan in the next 5 to 7 years.
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