The company raised this capital to build a physical store for Non resident Indian community. The company adds that the seed will also help it launch the brand and fuel operations for its first phase. Operational elements include establishing sales and support teams, inventory, online and offine marketing in US and Canada and for website redesign and development.
The investors include Peter Chang, a co-investor and a veteran from Atlanta's real estate sector. Another investor is a senior software industry professional.
Chang has been quoted as saying in the official release, "Besharam has earned the trust of Indians in India, and now with the GLOBAL store, it aims to communicate, educate and deliver world class adult products at compelling prices to Indians Worldwide. Besharam was founded by Indians for Indians, So the NRI audience will be able to browse & shop from a brand they can relate to and connect with. We are very excited to support Besharam's vision and expansion goals and we hope to bring valuable network and resources in their early stages"
Raj Armani, the COO & Co-founder said, "We are grateful, honored and humbled to have the support and backing of very respected individuals & professionals who not only shared our vision but great understanding of the affluent audience that we will target to. Our business model has always been a unique proposition, with the initial focus on Indian's in India, we had setup custom logistics, processes and marketing in place to ship & deliver American and European brands to India in 2013 when the idea of cross border commerce was just taking birth amongst the ecommerce industry."
"Now, after 6 years of successful operation & half a million orders delivered, we are leveraging the brand reputation and goodwill to reach out to 75M Indians outside of India, a $400 Million unexplored opportunity," added Armani.
Meanwhile, Salim Rajan, CEO & Co-founder said, "In the last few years, Adult Products industry has witnessed phenomenal growth and entry into FMCG category, most innovations in product design & packaging, and influx of investor funding of over $100 Million dollars, including the recent majority stake investment in LoveHoney. This makes it an optimum timing for a territory expansion and targeted marketing of a niche audience, thus a ripe opportunity for the business to scale up and expand its geographical reach. The GLOBAL Adult Store will apply the knowledge gained from analysing the data of over 60 months of buying habits of Indians, and the expertise in managing the various challenges that come in catering to the laws & customs of various countries and culture & values of the Indian community."