Mojostar in talks to raise Rs 64 crore, to launch celeb fashion brands in 2018
Indian firm Mojostar is a step closer to achieving its goal of launching retail brands in India by collaborating with celebrities, as talks with investors to raise Rs 64 crore (approx $10 million) in Series A funding are likely to succeed in the coming months.
Mojostar was formed in August this year when Kwan Entertainment and Dream Theatre decided to join hands to get into the celebrity brands business in India to cash in on the large, profitable fashion market.
The company has already signed deals with Bollywood actors Tiger Shroff and Jacqueline Fernandez, and if the company manages to raise the funds this year, it will give a big boost to the company to start the manufacturing of its brands.
The fashion labels with Tiger, Jacqueline and another Bollywood actor are expected to hit the market next year.
“We have had informal conversations with both VC and PE players as a precursor to the formal fund raise. The initial response is very good and we hope to raise $10 million in Series A,” Anirban Das Blah, managing partner of Mojostar and founder of Kwan Entertainment, told Economic Times.
“Starting April next year, we will launch three celebrity driven brands in 2018. In 2019, we will launch our fourth brand and in 2020 we plan to launch personal care products,” Blah added.
Mojostar has brought in Abhishek Verma as its chief executive officer who will be responsible for building the brands for the company with the signed celebrities. Abhishek has brand building experience as he played a pivotal role to creating Myntra’s in house brands like HRX, Roadster and Wrogn.
Unlike the west, the concept of celebrity brands is relatively new to India with a handful of brands like Hrithik Roshan’s HRX, Shahid Kapoor’s Skult, Deepika Padukone’s All about You, Virat Kolhi’s Wrogn, Yuvraj Singh’s YWC, Sonam Kapoor’s Rheson amongst others competing in India’s $100 billion apparel market.
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