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Fashion E-commerce startup and Beauty product marketplace Bagallery has successfully raised $4.5M in its latest funding round. The Series A round was co-lead by Zayn Capital, existing investor Lakson VC and UAE- based Hayaat Global.
Co-founded by husband and wife Mina & Salman back in 2017, 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 users per month and has 500,000+ satisfied customers across the country.
Throughout the year, and as most recently recorded in our November Venture Investment Dashboard, industries of digitization like FinTech, E-commerce, and Transport & Logistics have raised the lion's share of unprecedented funding in Pakistan. Observing a 325% YoY uptick in capital deployed in the E-commerce ecosystem, despite a 12% YoY drop in total number of transactions by November 2021, the Pakistani E-commerce ecosystem is set to speed up the nation-wide digital adoption. Amongst the most anticipated investment in Pakistan-based E-commerce startups in 2021 this year were funding rounds closed by E-commerce marketplaces like Bazaar, Tajir, Grocer App, and Tazah Technologies.
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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. In light of this market validating investment, Co-founders Mina and Salman commented “our purpose is to offer affordable fashion and beauty products to each and 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. “
Now being valued at 4X larger than at their Seed Round funding, 40% of Bagallery’s team are women. The Pakistan-based E-commerce startup firmly believes in empowering women, particularly in an industry where approximately 80% of customers are female. ‘’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’’ stated Babar Lakhani, Managing Partner of Lakson Venture Capital.
With the Series A 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. Sharing his high expectations of the Pakistan-based team Faisal Aftab Co-Founder and Managing Partner at Zayn capital added "It has been amazing to see the growth of this company over the last few years and I am really excited to be a continued of Mina and Salman’s vision to build the best Beauty and Fashion platform in Pakistan." Mohammed Ikhlaq Director at Hayaat Global concluded "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."
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