The company will focus on bringing and scaling international fashion brands in India, particularly in categories such as handbags, accessories and womenswear.

The funding round includes participation from Ashish Kacholia, Lashit Sanghvi, Alchemy Capital, Brandix and Manipal Technologies.

Neopolis Brands said it aims to partner with global brands that hold strong positions in their home markets and have the potential to scale significantly in India.

The leadership team includes CFO Ankush Tibrewal along with professionals who have previously worked with Chaturvedi across his earlier assignments.

Speaking on the launch, Shailesh Chaturvedi, Founder, Neopolis brands said, “Scaling is important for profitability, and I am enthused about building few large brands each with min 100 stores in India, each with a large-scale ecommerce share in tune with current consumer trends, alongside distribution in min 40 to 50 cities. Also, I am truly happy to see very strategic investors coming on Board to support this new journey of Neopolis.”

Commenting on the investment, Ashish Kacholia of Lucky Investments Managers said, “Women fashion and accessories continue to present a large, untapped opportunity in India, with strong consumer demand but limited organized scale. Neopolis’ focussed approach and industry expertise positions it strongly for building large scale category leading brands.”

Lashit Sanghvi of Alchemy Capital added, “We closely observed how a large public listed company was turned around rapidly under Shailesh’s leadership and his track record of more than 3 decades in scaling up global brands profitably gives us strong confidence in potential of Neopolis brands.”

According to the company, India’s premium fashion and lifestyle market continues to benefit from rising disposable incomes, premiumisation and growing fashion adoption. Categories such as handbags and accessories remain largely under-organised, creating opportunities for branded players.

Neopolis Brands said the capital raised will be used towards organisational setup, working capital, investments in brands, supply chain and retail expansion, as well as building digital capabilities.

The company plans to adopt an omnichannel-led growth strategy with a focus on localisation, merchandising, pricing and supply chain capabilities to build large-scale fashion businesses in India.