Fashion app Roposo closes Series B round of $5 million from Bertelsmann India
Roposo plans to leverage the funds raised for strengthening its technology backbone, expanding its team, bolstering the product and enhancing the company's community.
Roposo, a fashion social network, has raised funds worth USD 5 million from Bertelsmann India Investments (BII), the strategic investment arm of the international media, services and education group. With this, Bertelsmann has closed the second leg of Series B round. Roposo declared the first leg of Series B in August last year with Tiger Global.
Speaking on the fresh round of funds, Roposo, co-founder, Avinash Saxena said, “We liked Bertelsmann's approach and are certain that their expertise will help our social network unlock."
Roposo plans to leverage the funds raised for strengthening its technology backbone, expanding its team, bolstering the product and enhancing the company's community. Bertelsmann will offer guidance on how to scale Roposo to its next level of growth and expansion.
BII Managing Director, Pankaj Makkar said, “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.”
Based out of Gurgaon, Roposo was founded in July 2014 by three IIT Delhi alumni, Mayank Bhangadia, Avinash Saxena (ex-CTO of Zomato) and Kaushal Shubhank. The company’s total funding amount stands at $21 million from Bertelsmann India Tiger Global, India Quotient and Flipkart’s CEO Binny Bansal.
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The latest round of funds will be used to expand the team besides improving technological infrastructure and overhaul of product.