Adult products e-store IMbesharam.com has secured $4 million in series A round of funding from two US-based angel investors – Pavel Vassiliev & Rafiq Hirani, at a valuation of $20 million. The fresh investment will be used by the company for launching its US store which will cater to Indian audiences in US & Canada, setting up four warehouses in India, hire talent in India and US, launch its completely responsive site for 2016 .
The firm has dedicated $1 million for investing in a nationwide marketing campaign to reach out to wider audience. It also plans to raise a second round of funding by the third quarter for another $4 million to support the expansion plans.
IMbesharam was established in early 2011 by Salim Rajan (CEO), Raj Armani (COO). Both Co-Founders invested close to $2 million initially in establishing the brand, R&D, setting up a custom logistics operation, for technology and software as well as marketing and brand building,
The company showcases over 120 International brands of Adult Toys, Bedroom Games, Sensual Lingerie, Sexual Wellness products for Men & Women used for Romance, Foreplay and Fetishes, and have a wide range of bachelor and bachelorette party products. The firm has over 4000 SKU’s.
The products are sourced directly from the brands in US and from two of US suppliers of adult products and novelties.
In 2015, the company had the GMV of Rs. 29 crore, got 78,000 orders as well as had 2 million visitors.
Other players which entered the online adults lifestyle products space are Thatspersonal.com, Buyundercover.com, and Kaamastra.com among others.
Check out the below video to know more about the company:Category Investments News