Indian ethnic fashion portal raises $140m as existing investor Matrix exits

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Today, women’s branded clothing company TCNS Clothing announced a US$140 million investment from TA Associates, a global private equity firm. The funding, which gives TA Associates a minority stake, also marks a full exit for existing investor Matrix Partners India.

In 2011, Matrix Partners India invested nearly US$9 million in Delhi-based TCNS Clothing. It bumped that number up to US$13.4 million over time.

Headquartered in New Delhi, TCNS Clothing got its start in 2002 with women’s brand W. The company designs, manufactures, and sells contemporary ethnic wear for women aged 25 to 40. Its three brands – W, Aurelia, and Wishful – are sold in over 1,600 points across 100 cities in India, Mauritius, Sri Lanka, and the Middle East. The brands also have an online presence and are available in 300 exclusive stores.

Tech in Asia has reached out to Matrix Partners India with questions and will update this article accordingly.

See: Flipkart just acquired Jabong. Here’s what it gets with the big buy

Fashion passion

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When it comes to women’s clothing in India, big ecommerce startup names like Jabong, Myntra, and Craftsvilla lead the charge. A variety of fashion startups have popped up to link ladies’ smartphones to their closets – by way of their wallets.

Matrix Partners India’s portfolio includes big startup names like Ola, Quikr, and Practo. The firm is present in the US, China, and India. Last month, it invested in Ridlr, a public transport planning service.