IMbesharam, the adult products Estore raises $4 million
Bengaluru, India | Red Newswire | Jan 23, 2016 Last Updated at 11:00 AM IST.
The adult products e-store, IMbesharam has raised $4 million in series A funding led by two US-based angel investors. With this, the company is now valued at $20 million.
IMbesharam.com is e-store for ‘Besharam’ brand which is owned by Raj Armani and Salim Rajan. It was founded in 2011 and now is the only one-stop shop for adult products.
Raj Armani said, “We plan to raise a second round of funding by the third quarter for another $4 Mn to support the expansion plans.”
The company has Sunny Leonne as its brand ambassador and said that this was the best decision as Sunny has established her brand in US very well.
He further added, “The first and foremost is a fully redesigned mobile site to cater to the uber demand of mobile shoppers. Next we are investing in setting up four warehouses in four metros to drastically improve delivery times. We plan to launch our US store and market extensively to the Indian’s and South Asians living in USA & Canada.”
The sexual wellness market in India is currently pegged at INR 2500 crore. Raj added , “Of the total market, we think we have 1-1.5% share but that’s only because we have not gone for it. Being the nature of the business as such, we had decided to stay low for first two years to test the waters.”
When it started, its average ticket size was INR 1600-2000 and is now INR 3,200. The company has recorded a profit margin of 300%. It has over 2 million visitors per year and GMV of Rs. 29 crore.
The maximum customers are from Delhi, Chennai, Mumbai, Bengaluru and Hyderabad.
The platform has 120 international brands of adult toys, Lingerie, Bedroom games, Bachelor & Bachelorette party products.
At the time of launch, the male to female shoppers ratio was 70/30 and it is 64/36.
Other startups in the field are PrivatelyUrs, That’s Personal and ShyCart.
On competition, Raj said, “We think a healthy competition benefits all and while we are able to provide an expansive collection, and cater to a wider audience, we understand the challenges we have. However going forward when the taboos associated with this lifestyle are shunned, we think the bigger players will then proactively want to go for a bigger share and at that time, we need to be ready and prepared for to stand on our own. As of today, we command a leading position not only as a adult brand but also a leading destination for a more satisfying lifestyle.”