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Beauty and Fashion E-commerce Platform Raises $900,000 in Funding

Bagallery, a beauty and fashion e-commerce platform in Pakistan announced today that it closed a $900,000 Pre-Series A funding round from Lakson Venture Capital (LVC).

As an outcome of the transaction, Faisal Aftab (Managing Partner of LVC) and Babar Lakhani (CEO of LI) have joined Bagallerys Board of Directors.

Company says it started out in 2013 with simple Facebook and Instagram (@worldofbagallery) pages for beauty and fashion products, but quickly got sufficient traction, thanks to its influencer driven model.

This is when husband and wife co-founders, Salman and Mina, lauched a native e-commerce platform with dedicated operations and fulfilment teams in 2017.

The company has 94% female visitors.

“We are really excited to have receievd LVCs backing at a time when Bagallery is growing rapidly. The funding will allow us to expand to multiple cities in Pakistan by upgrading our technology stack, inventory management systems and logistics partnerships to efficiently scale. said Mina Salman, Co-Founder of Bagallery.com.

The Fashion Industry dominates the global B2C e-commerce space with a 30% share in total B2C e-commerce revenues.

According to Euromonitor, the Beauty & Personal Care market in Pakistan is projected to be in excess of $30 billion by 2023.

“The beauty & personal care market in Pakistan is projected to be have billions in revenues over the next 5 years. This represents a tremendous opportunity for market leaders like Bagallery, especially at a time where internet adoption in Pakistan has attained critical mass with more than 80 million active users.” said Faisal Aftab, Managing Partner of Lakson VC.

“Bagallery is in line with our core investment philosophy of supporting strong teams with a proven business model and potential to scale”, said Babar Lakhani CEO of LI.

Regionally, exit prospects of beauty & fashion e-commerce plays have reaped big returns for investors.

For instance a UAE-based Namshi.com was acquired by Emaar Malls PJSC (Noon.com) in 2017 for $280 Million. Myntra in India, one of the early players in this space, was acquired by Flipkart in 2014 for $300 Million. Similarly, Nykaa in India was valued at $723 Million in 2019, raising $14 million from TPG Growth.

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