Five investors fund $5 Million to theprivatesales.com
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Bangalore: TPS Shopping Outlet, which operates theprivatesales.com an ecommerce platform offering discounts on global brands, has raised $5 million from five investors, reports WSJ. The Bangalore-based company declined to name the investors. The fund will be utilized to add categories and launch similar websites that will offer discounts on luxury fashion. With an experience of 17 years in the field of retail and fashion industry, brothers Sunder Gianchandani, President and Sajan Gianchandani, the Executive Vice-President, heads the 11 months old firm. The various brands under the roof of the company are Moschino, Hugo Boss and Gucci on its website theprivatesales.com. Sunder Gianchandani said that the company currently offers 140 global brands and plans to add 300-400 more brands. With an aim to have five million members in the next two years, the firm currently has 4, 00,000 registered members of whom 47 percent have made purchases.

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