Bagallery, a new Beauty & Fashion E-commerce platform which started in Pakistan announced today that they have been able to get a funding of $900,000 Pre-Series A from Lakson Venture Capital (LVC). After the successful transaction took place, Faisal Aftab (Managing Partner of LVC) and Babar Lakhani (CEO of LI) have now joined the Bagallerys Board of Directors.
Bagallery says that they started the platform back says 2013 with simple Facebook and Instagram (@worldofbagallery) pages for beauty and fashion products, but quickly got sufficient traction, all made possible through their influence based model. Seeing the rise of peers on the platform, the husband and wife due of founders, Salman and Mina, launched a native e-commerce platform which was dedicated to implementing operations and to attain fulfilment teams in 2017.
The company notes that, amongst their customers, women have shown the most inherent and say that the company has 94% female visitors. In addition, Mina Salman says that “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”.
The Fashion Industry is one of the most dominant industries in the global B2C e-commerce space, with a share of 30% in the B2C e-commerce revenues, which is a significantly high percentage. As per Euromonitor, the Beauty & Personal Care market in Pakistan is projected to be in excess of $30 billion by 2023.
Managing Partner of Lakson VC, Faisal Aftab, believed that “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.” “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.