The Bombay Shirt Company plans to invest the funds to expand its stores and strengthen the franchise model. In addition to this funding round, chief operating officer Chippy Mehta has been elevated to the co-founder position.
The company has raised Rs 54 crore in a Series B funding round led by Singularity and included contributions from Caratlane founder and Singularity general partner Mithun Sacheti.
As part of the transaction, new investors join the cap table via a secondary buyout of the shares of former Bombay Shirt Company employees.