The brand will use the funding to set up its next phase of growth within the US and international market, as it looks to scale and add product extensions.
Verandah, a Mumbai-based line of conscious luxury resort and swimwear has raised $1.1 million USD (~ 8 Crores INR) in a seed funding round. Marquee investors include Mike Novogratz (CEO, Galaxy Investment Partners), Neeraj Arora (former CBO, WhatsApp), Lydia Jett (Partner, SoftBank Vision Fund), PDS Venture (PDS Multinational Fashions’ venture tech portfolio) and other significant supporters in the financial community across New York and Mumbai.
The global luxury sector is currently at $346 billion and projected to grow to $403 billion by 2027, with the US dominating demand currently at $95 billion. This growing segment has been attracting a lot of investor attention in recent times and Verandah’s funding is in line with this development as well. The brand will use the funding to set up its next phase of growth within the US and international market, as it looks to scale and add product extensions.
Founded in 2012 by Anjali Patel Mehta, Verandah makes joyful, boho-luxe, chic, fuss-free print and story-based travel separates, using ultra soft and artisanal fabrics and hand embroidery from India. A local brand for the first few years of its existence, Verandah has now pivoted into a story-based luxury resort label. It is based in Mumbai with its partners and teams across New York and Italy. The brand has just launched its global direct to consumer e-commerce site based out of the United States this month.
Speaking about this, Anjali Patel Mehta, Founder, Verandah, said, “Verandah started as an idea out of a bedroom. A swimmer since my early days, I wanted to create chic, signature fits in our joyful, story-based hand illustrated prints. As the daughter of a trained artist with a young career on Wall Street, I jumped into this with no background in design, a strong love for art, textile, pattern and comfort. I am really excited as we look forward into the future with this round of seed capital from angels who have believed in our vision. We are also excited to move online and offer our customers a seamless international retail experience. With strong partnerships and teams in place and a sustainably minded business, we look forward to opening our doors in key geographies with increased capital and a growing customer base. We are also mindful of zero waste practices, eco-friendly consumption, our environmental efforts and choosing ethical and green suppliers to craft the Verandah narrative into something very special.”
Adding further, Mike Novogratz, CEO, Galaxy Investment Partners, said, “I have known Anjali for 20 years and have watched her grow into a formidable businesswoman. Couldn’t be more excited to partner with her.”
Neeraj Arora, former CBO, WhatsApp, said, “I’ve known Anjali for over 16 years and she has pivoted from banker to designer with equal ease. She has built Verandah into a brand which has a strong focus on conscious luxury and caring for the environment and has set out to put India on the international map in the luxury travel sector with a focus on resort as a lifestyle as experiential travel takes off. With inroads into leading US luxury retailers like Bergdorf Goodman and key international holiday points of sale and her unique story based designs, Verandah is currently the only Indian luxury brand at some of these leading retailers and she is set to scale with a strong team to go direct to consumer. Her commitment to giving back is also reflected through the joyful brand’s ethos and we are happy to partner with her on this journey.”
Verandah made its international foray at a luxury trade show at Miami Swim Week in 2017 and now shows regularly in Miami, New York and Paris. US majors like The Neiman Marcus Group and luxury e-tailer Moda Operandi gave the brand an international launch in 2018. Verandah will now also be stocked at premier luxury retailers Bergdorf Goodman and Intermix, apart from luxury hotel properties and prominent groups like the Four Seasons Hotels internationally
Verandah’s vibrant and joyful collections are also designed to highlight stories of nature, travel, art, history and conservation; consciousness is at the heart of this travel-based brand. It is the only Indian brand to be named to sustainable leader Lenzing’s ‘Global Make It Feel Right Campaign’ in 2021 and continues to purse best practices in ethical, fair and eco-conscious trade.
Source: Business World