SHR Lifestyles Private Limited, which owns women ethnic wear brand Shree, has raised Rs 80 crore ($11.5 million) from private investment firm Alpha Capital.
Launched in 2009 by Sandeep Kapoor and Sheetal Kapoor, Shree will use the financing proceeds to further deepen its reach in existing markets and open up new geographies, the company said in a statement.
“We will be deploying the funds to expand our distribution network by setting up new retail stores, scale up our business geographically, add senior talent and increase our customer base,” SHR Lifestyles Chairman and MD Sandeep Kapoor said. This partnership will further help the brand materialise its vision of growing to over 300 company stores in the near future, he added.
Shree currently boasts of more than 60 stores, 3000 plus multi-brand outlets and 15 plus dedicated manufacturing units. Going forward, it plans to expand presence in the states of Kerala, Tamil Nadu, Maharashtra, Gujarat, Punjab, Himachal Pradesh, Haryana and Madhya Pradesh, among others.
Last month, Alpha also invested more money in one of its portfolio companies, InCred, a non-banking finance company. The firm was one of the early investors in InCred. Alpha’s other investments include Just buy Live, supply chain financing startup Credable, and two-wheeler company Hero Electric.
Alpha Capital was founded by Vishal Ootam and Vivek Anand.