Fashion accessories brand Bagzone Lifestyle which owns Lavie has secured $9 million in funding from India-focused private equity fund First Bridge India Growth Fund.

The company said the raised capital will be infused into building a manufacturing facility and opening 300 exclusive brand outlets. CEO of the company Ayush Tainwala reacting to the fundraise said that they are hoping to establish brands as multi-category and multi-brand businesses. he expects the business to grow 10X in the next few years.

"We will use the capital to expand the company's in-house manufacturing capability, deepen offline presence, and grow the brand's stature and recall," he added.

Mumbi-based lifestyle retailer has added other brands such as Lavie, Lavie Sport, and Lavie Luxe to its business. It plans to expand its business to tier 1 and tier 2 cities with a plan to localise 70 per cent of its sourcing efforts.

First Bridge's managing partner, Vishal Kumar Gupta while welcoming the investment decision said, "First Bridge is happy to join with Bagzone with the first investment from its new fund. Already, Lavie is the undisputed market leader. They operate in a sector of the economy that will profit in the coming years from the organized change in consumption as well as a sharp rise in female consumption. With Ayush, we see a young, dynamic founder who is very knowledgeable about the Indian accessories sector. With team Lavie, we are confident in a successful journey of hyper-growth."