YepMe raised $75 million for expansion
Indian online fashion retailer YepMe has raised US$75 million for expansion in a funding round led by Malaysia’s Khazanah Nasional Berhad state fund.
YepMe, based in the city of Gurgaon in the National Capital Region, was launched in 2011 by three entrepreneurs. It has so far attracted investment from the US and India, and in this latest round from Jabong, Myntra, Fashion and You, among others.
The company says it plans to use the fund to develop and launch an ethnic India range of clothes, and to boost brand awareness.
With an estimated 500,000 items sold every month, YepMe makes its own brand clothes, focusing on menswear and accessories featuring formal, casual, outdoor and party wear. It also sells apparel, watches, glasses, footwear and other goods from other brands, targeting men and women in the 20 to 29 year age group.
It targets tier 2 and tier 3 cities in India where name apparel brands have few physical retail stores.
Last year, it enterd the US market with a different website brand, Yepmeworld.com and it also sells on Amazon.com.