SHR Lifestyles, which owns women’s ethnic wear brand Shree has raised $11.5 million from Alpha Capital Advisors.
Shree will use the funding to further deepen its reach in existing markets and open up new geographies, the company said in a statement.
Also, the brand will expand its operation in states like Kerala, Tamil Nadu, Karnataka, Maharashtra, Gujarat, Punjab, Uttar Pradesh, Himachal Pradesh, Haryana and Madhya Pradesh.
“We will be deploying the funds to expand our distribution network by setting up new retail stores, scale up our business geographically, add senior talent and increase our customer base,” SHR Lifestyles Chairman and MD Sandeep Kapoor said.
The partnership will further help the brand materialise its vision of growing to over 300 company stores in the near future, he added.
According to their website, Shree is a concept that emerged from the Sanskrit root word Devi for the divine. Deep-rooted in Indian culture where Devi is quintessentially the core of every Indian woman, Shree draws inspiration from the balanced modern Indian woman who straddles both work and home with elegance & confidence.