The Bear House secures Rs 50 crore investment from JM Financial India Growth Fund III
A direct-to-consumer men’s clothing and accessory brand, The Bear House has secured a Rs 50 crore investment ($5.8 million) in a Series A funding round. The funding round was led by investors JM Financial India Growth Fund III.
The company plans to use these funds to expand its physical store presence, support its working capital, and boost its marketing efforts.
Previously, The Bear House had secured a Rs 3 crore investment on the television show ‘Shark Tank India,’ valuing the company at Rs 100 crore.
The new funding and the company’s partnership with JM Financial India Growth Fund III will enable it to accelerate its growth plans and strengthen market presence, says Harsh Somaiya, co-Founder, The Bear House. The company remains committed to its design philosophy and customer relationships as it expands its physical stores and invests in brand building, he emphasizes.
Siddharth Kothari, Managing Director, JM Financial, remarks, the Bear House has witnessed significant growth with its combination of unique designs, a direct-to-consumer strategy and a strong customer base. The brand is well-positioned to become a leading menswear brand in India, given the increasing demand for stylish, high-quality men's apparel, he states.
Founded in 2017 by Harsh and Tanvi Somaiya, The Bear House has a strong online presence, selling its products on platforms like Myntra, Flipkart, Ajio, Tata Cliq, Nykaa, and Amazon. The brand anticipates, this year, its revenues will rise to over Rs 140 crore.
