Rock.in, etailer of Indian & international branded apparels, which is operational since 8 weeks has disclosed its series A funding from Partech International, a venture capital firm based in France & Silicon Valley and 3 angels which are retail families of Europe. The ticket size of the investment is still undisclosed but can be concluded as US $ 1-1.5 million as typical Series A. The Round got closed in February 2012. The firm is looking to raise another US $ 5 million in couple of months as Series B.
Rock.in has operational licenses from more than 100 international brands from Europe and the US, including La Redoute, House of Dereon, Calvin Klein, DKNY, Marc Cain, FCUK, Fever London, Just Cavalli and more. It is moving forward MoM in trying to create a niche for this segment and mainly targeting aware consumers having familiarity with international brands and is still getting enough traction from Tier 2 & Tier 3 cities which comprise 50% of the business.
Talking with Suraj Sharma, CEO, Rock.in, about response they are getting from International Brand Owners for Indian Market, he commented, “Till last year India was not on the target for many of the brands we are working with, but now with good response from the Indian Consumer, more brands are equally excited about the Indian market opportunity. We are trying our best to maintain their brand Equity in the premium segment.”
Rock.in is currently witnessing around 25000 views on daily basis with
0.3%-0.4% 3%-4% conversion rate and the average ticket size of INR 3000. Aashish Puri, COO, Rock.in, highlights the company strategy and road to profitability as, “Right from day one we have been an MRP site, and trying to maintain profit margins in each transactions. What we sell in 95% uniquely available and we are more focused on brand building. We have around 60% average gross margins which helps us transfer the benefits to our consumer with right pricing. While growing the top-line respect should be given to the bottom-line as well.”
Launched in the middle of May 2012, Rock.in was founded by Suraj Sharma & Aashish Puri and is based out of Mumbai.